Thursday, September 21, 2006

New twist in the Jet-Sahara tale

Jet hasn't come clean on why it terminated the agreement with Air Sahara. Sure, the airline cited the lack of government approvals as the reason.
But CNBC TV18 learns that there were other 'disturbing facts' due to which it refused to extend the deal deadline.
Rewind to June this year. Two days before the deal deadline, Sahara wrote to Jet requesting a second extension. In its letter, Sahara asked for a 15-day extension to satisfy two unfulfilled conditions in the agreement- obtaining government approval and receiving a no-objection.But Jet flatly refused. In his response to Sahara, Jet Airways Executive Director Saroj Dutta said the share purchase agreement did not contain any provision for a further extension
But here's where the tale twists. Dutta went on to say, "Further and in any case from what is stated above, in the light of disturbing facts that have recently come to light, we are not in a position to agree to any extension."