Sahara hints at out-of-court deal with Jet Airways

Amby Valley: Sahara India is open to an out-of-court settlement of a multi-crore rupee takeover deal with Jet Airways, which acquired Sahara’s airline business three years ago, its chairman Subrata Roy said.
“We are open to an out-of-court settlement (with Jet), but the court is to give its decision,” Mr Roy said, on the sidelines of a function to inaugurate non-scheduled flight operations at Amby Valley on Thursday. The statement came after both parties had failed to reach an amicable solution as per the direction of the Bombay High Court.
When contacted, the Jet Airways spokesperson refused to comment on the plea that the matter is sub-judice. The case will come up for final hearing in the Bombay High Court this month. Sahara India Commercial Corporation dragged Naresh Goyal-controlled Jet Airways to court, saying Jet was liable to pay Rs 2,000 crore instead of the re-negotiated amount of Rs 1,450 crore for the buyout of the erstwhile Sahara Airline, now Jetlite. The price was brought down to Rs 1,450 crore provided Jet would not default on payment. But it defaulted and so the concession on takeover deal was not tenable, Sahara India said in its petition.
05/02/10 Economic Times

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Categories: Jet Airways Feb 2010, JetLite Feb 2010