Thursday, January 11, 2007

Jet-Sahara final hearing posted for April

Mumbai: The arbitration tribunal has adjourned arguments till April in the Jet-Sahara case, arising from Jet Airways' failed takeover of Air Sahara.
Jet Airways would now have to wait it out till the first week of April for a relief, when the hearing on its plea for refund of Rs500 crore paid as advance to Sahara resumes.
Jet counsel Harish Salve, however, said the airline has not 'pressed' for immediate refund of the amount and reserved its rights to do so in the suit in the Bombay High Court, and Sahara accepted the position that the pledge of the shares continues.
Jet has also sought dispensation of the Rs1,500 crore bank-guarantee, which had earlier been deposited as escrow account - which would be taken up by the panel in the final hearing, but reserved the right to revive the applications if the case is delayed, Salve said.
He refuted that the arbitration panel had ruled in favour of Sahara, saying the matter was adjourned till April.
10/11/07 domain-B