Court bars Jet from selling Sahara's share
The Lucknow district court restrained Jet from selling Sahara's share worth Rs 500 crore.
LUCKNOW: Extending the interim order freezing the escrow account opened for Jet Airways' proposed takeover of Air Sahara, the District Court here on Friday restrained the former from selling the latter's share worth Rs 500 crore.
After three hours of inconclusive arguments during which Jet questioned the maintainability of Sahara's petition, District and Sessions Judge Shiv Charan Sharma posted further hearing to June 30 and said if necessary it will continue on July 1.
The court said its order on freezing of the escrow account and on the Sahara share sale will continue till further orders.
Senior advocate Abhishekh Singhvi, appearing for Jet, contended that since the petition on the issue was filed by Naresh Goyal-promoted airlines before the Bombay High Court, the Lucknow court has no jurisdiction to entertain Sahara's petition.
Jet has also challenged the impediment of ICICI bank in the petition along with Sahara, contending that the bank was not party to the failed Rs 2,300 crore deal.
However, Sahara, which on Wednesday, had succeeded in restraining the Jet from withdrawing the escrow account, opposed argument on maintainability of its petition saying that the deal was signed in Lucknow as such the court here has full jurisdiction on the issue.
Further, senior advocate Dushyant Dave, appearing for Sahara submitted that the Bombay High Court has not yet taken cognizance of Jet's petition.
After three hours of inconclusive arguments during which Jet questioned the maintainability of Sahara's petition, District and Sessions Judge Shiv Charan Sharma posted further hearing to June 30 and said if necessary it will continue on July 1.
The court said its order on freezing of the escrow account and on the Sahara share sale will continue till further orders.
Senior advocate Abhishekh Singhvi, appearing for Jet, contended that since the petition on the issue was filed by Naresh Goyal-promoted airlines before the Bombay High Court, the Lucknow court has no jurisdiction to entertain Sahara's petition.
Jet has also challenged the impediment of ICICI bank in the petition along with Sahara, contending that the bank was not party to the failed Rs 2,300 crore deal.
However, Sahara, which on Wednesday, had succeeded in restraining the Jet from withdrawing the escrow account, opposed argument on maintainability of its petition saying that the deal was signed in Lucknow as such the court here has full jurisdiction on the issue.
ADVERTISEMENT
Further, senior advocate Dushyant Dave, appearing for Sahara submitted that the Bombay High Court has not yet taken cognizance of Jet's petition.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
