Friday, June 30, 2006

Jet claims return of Rs 500 cr from Sahara

New Delhi: Jet Airways, which is caught in a legal battle with Air Sahara over the collapsed Rs 2,300 crore takeover deal, has claimed that its smaller rival was bound to return Rs 500 crore paid as advance within a week of termination of the pact.
In its application filed before Supreme Court on Wednesday, Jet argued that as per the Share Purchase Agreement, Sahara India had "undertaken, absolutely and unconditionally" to repay the advance amount of Rs 500 crore if the deal failed.
"This repayment in terms of the undertaking is to be made within seven days from the date of termination or expiry of the SPA without any dispute, demur or delay," Jet said.
29/06/06 Times of India