Saturday, June 24, 2006

Jet barred from selling Sahara shares

Lucknow/New Delhi: Subrata Roy's Air Sahara on Friday staged a minor victory in its legal battle with erstwhile suitor Jet Airways, with the district court here extending its stay on the joint escrow account created for their merger, till June 30.
The court also barred Jet from selling Air Sahara's shares - which were pledged with Jet - to recover advance payment of Rs 500 crore.

Deal with Jet still ‘subsisting
Lucknow: Air Sahara on Friday claimed
before a Court here that the Rs 2,300-crore
take-over deal with Jet Airways was
“still subsisting” despite the expiry
of deadline of the share-purchase
agreement on June 21.Senior Advocate
Dushyant Dave appearing for the airline
said after the agreement was signed,
everything was handed over to Jet
and now the fate of 4,500 Sahara employees
were at stake, besides the money involved
in the deal.
24/06/06 PTI/Mumbai Mirror
During three hours of arguments, senior advocates representing the two airlines argued over which court has the jurisdiction to hear the case.

Jet-Sahara case adjourned till June 30
Lucknow: The arguments of Jet Airways and Air
Sahara on the failed acquisition deal remained
inconclusive today at the District Court, which
fixed June 30 as the next date of hearing. Directing
that the interim order freezing the escrow account
will continue till further orders, District and Sessions
Judge Shiv Charan Sharma said that if needed,
the matter could be heard on July 1 also.
23/06/06 The Hindu
On Thursday, its chief Naresh Goyal had been advised by a couple of well-wishers to try for an amicable settlement in place of bitter litigation.
Goyal, however, turned down the advice after consultations with his lawyers in London. "You have got an excellent case,"Goyal's lawyers are learnt to have told him.
24/06/06 Rakesh Mohan Chaturvedi/Times of India