Saturday, August 12, 2006

Jet, Sahara for out-of-court settlement?

Private carrier Jet Airways, which is engaged in a legal battle with Sahara group over the failed deal to acquire Air Sahara, is understood to be holding discussions with the Sahara top brass for an out-of-court settlement.
Though both the sides would not officially say anything, sources familiar with the development said they were talking to each other on settling their differences over the Rs 2,200 crore deal out of court and discussions had narrowed down to the exit fee to be paid by Jet.
The two parties are negotiating an exit fee in the range of Rs 300 to Rs 700 crore, sources added.
While speculation was rife that Jet Airways chief Naresh Goyal had a meeting with Sahara Group chief Subroto Roy, the information could not be substantiated officially.
Sources also indicated that two arbitrators had been identified, but the chief of the panel is yet to be decided.
11/08/06 PTI/Hindustan Times