Jet Airways not liable to pay Sahara Rs 2,000 crores in buyout deal: Bombay HC

Mumbai: The Bombay High Court today dismissed an appeal filed by Sahara India challenging its earlier order which had held that Jet Airways was liable to pay Rs 1450 crores for purchase of Sahara Airlines (now Jetlite).
According to Sahara India, Jet Airways was liable to pay Rs 2,000 crores (the original buyout price) instead of the renegotiated amount of Rs 1450 crores because the latter had defaulted in paying instalments by deducting income tax dues.
The court also dismissed an appeal filed by Jet Airways which had challenged the earlier order of the High Court asking them to pay the balance dues to Sahara at the interest of nine per cent.
Jet Airways had contended that they were not liable to pay the interest at the above rate because they had not defaulted and had only deducted income tax dues, which were liable to be paid by Sahara.
Chief Justice Mohit Shah and Justice G S Godbole dismissed both the appeals of Sahara India and Jet Airways, saying they were not maintainable.
17/10/11 PTI/Economic Times

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Categories: Jet Airways Oct 2011