Friday, November 24, 2006

Sahara files huge claim against Jet

Mumbai: After months of acrimony following a failed acquisition deal, Air Sahara has filed a Rs 2,000-crore claim against Jet Airways for non-completion of the agreement entered into by the two in January.
The claim was filed in London on Monday with the three-member arbitration panel. The panel, headed by British judge Lord Stein, will come out with an order binding on both parties by March ’07.
The Air Sahara claim is based on the cash loss it has incurred and the depreciation in its value because of the $200-m buyout deal falling through. Sources said the Air Sahara lawyers will argue that Jet Airways can either complete the transaction or pay the damages. Arguments will be based on the specific performance of Jet Airways, they said.
24/11/06 Economic Times