Tuesday, July 04, 2006

Jet blames the Aviation Ministry for broken deal

Jet Airways Chairman Naresh Goyal may deny blaming the government for the failure of the Sahara deal, but the Jet petition filed with the Mumbai High Court tells another story. The petition expressly lays the blame for the broken deal on permissions that did not come from the Civil Aviation Ministry, reports CNBC-TV18.
The Civil Aviation Ministry may soon find itself in the centre of the Jet-Sahara controversy. Thats because in it's petition Jet has mentioned 3 reasons for the deal falling through. Two of which directly point a finger at the Civil Aviation Ministry.
The Jet petition, a copy of which is available with CNBC TV18, blames non-receipt of merger approval from the Directorate General of Civil Aviation and Civil Aviation ministry as one of the important factors for the failed deal. The clause that went unfulfilled is 3.1.1 of the share purchase agreement.
03/07/06 Moneycontrol.com
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