Wednesday, June 28, 2006

Jet Airways explains lapsing of deal

Mumbai: Jet Airways on Tuesday stated that it snapped its share purchase agreement with Sahara Airlines on account of the time limits in the agreement, "which have expired before the conditions precedent have been met.'' This date was June 21.
"For commercial reasons, and in the interest of Jet Airways and its family of shareholders, the management decided not to extend the time,'' it stated in a press release here.
It further stated that the share purchase agreement entered into between Jet Airways and Sahara Airlines was based upon certain conditions precedent being satisfied before the due date. These conditions related to some permissions being given by the Union Government as well as certain policies relating to mergers and acquisitions of airlines being in place.
28/06/06 The Hindu
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