Jet to move SC on Sahara deal

27 June 2006

Mumbai: Jet Airways will file a petition before the Supreme Court seeking transfer of the cases relating to its failed takeover of Air Sahara pending with the Bombay High Court and the Lucknow district court, the airline said on Tuesday.

"A transfer petition is also being filed by Jet Airways before the Supreme Court," the airline said in a statement.

In a statement clarifying its stand on the failed deal, the airline said: "Any comments on the merits of the controversies between parties would therefore be inappropriate and improper".

The immediate cause of the conflict was Air Sahara''s submission before the Lucknow district court that the deal was still subsisting, while Jet officials maintained that it had expired.

Jet said that for commercial reasons and in the interest of Jet Airways and its family of shareholders the management decided not to extend the time after the expiry of the share purchase agreement on June 21. Sahara, however, went to court saying Jet called off the deal and demanded freezing of the escrow account.

The statement comes amidst reports that Jet Airways is trying an out-of-court settlement with Sahara Airlines. Reports also said that Jet chairman Naresh Goyal has convened an urgent meeting the carrier''s top management at his London residence to discuss the matter.