Sahara files appeal, seeks Rs 550-cr more from Jet for buyout

Mumbai: Sahara India today filed an appeal in the Bombay High Court against the order of a single Judge which had held that Jet Airways was liable to pay Rs 1,450 crore for purchase of Sahara Airlines (now Jetlite) in 2007.
Sahara's lawyers Pradeep Sancheti and Satish Kishanchandani mentioned the appeal at the fag end of the court proceedings before a Division Bench headed by Chief Justice Mohit Shah, who decided to hear the matter tomorrow.
In the appeal, Sahara has staked its claim for Rs 2,000 crore, the original price for the buyout. It said the court had erred in holding that Jet was liable to pay the renegotiated amount of Rs 1,450 crore.
Sahara also sought a stay on the order passed by Justice D Y Chandrachud yesterday. The Judge had asked Jet Airways to pay the remaining amount of Rs 478 crore (from the purchase price of Rs 1,450 crore) within two weeks to Sahara for the buyout.
The Judge also imposed a 9 per cent interest on Jet Airways for its remaining pending amount of Rs 402 crore to Sahara, which worked out to Rs 478 crore.
05/05/11 PTI/Economic Times

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Categories: Jet Airways May 2011, Jetlite May 2011