Wednesday, January 10, 2007

Jet loses plea for Rs 500cr Sahara deal refund

Mumbai: Jet Airways, which is involved in a tussle with its failed takeover target Air Sahara, today failed to get respite from the Arbitration Tribunal on its plea for refund of Rs 500 crore paid as advance along with interest.
Justice S P Bharucha and Justice B P Jeevan Reddy, both retired judges of the Supreme Court, are on the panel as nominees of Jet and Air Sahara, respectively.
In its plea before the Aribtration Tribunal headed by British Judge Lord Stein, on November 20, Air Sahara had sought Rs 3,020 crore from Jet towards execution of the share purchase agreement (SPA) along with recovery of inter-line business revenue that the latter accrued for nearly three months.
09/01/07 Press Trust of India/Business Standard