Tuesday, October 10, 2006

Jet-Sahara arbitration tribunal hearing begins

Mumbai: An arbitration tribunal on Monday began hearing on the Jet-Sahara case pertaining to the collapsed merger deal between the two private carriers.
The arbitration tribunal comprises retired chief justices S P Bharucha, Jeevan Reddy and Lord Stein.
Jet Airways lawyer Janak Dwarkadas said, “The hearing has begun today. It is a confidential matter between the two parties, and hence nothing can be further disclosed.” The Bombay High Court on September 22 allowed Jet Airways to withdraw the Rs 1,500 crore it had deposited in an escrow account for acquiring rival Air Sahara, against a bank guarantee of the same amount. The court had also ruled that the interim judgement was subject to the tribunal's decision.
09/10/06 Financial Express