Deal with Jet 'still subsisting': Air Sahara
Air Sahara on Friday claimed before a Court here that the Rs 2,300 crore takeover deal with Jet Airways was "still subsisting" despite the expiry of deadline of the share-purchase agreement on June 21.
By PTI |
LUCKNOW: Air Sahara on Friday claimed before a Court here that the Rs 2,300 crore takeover deal with Jet Airways was "still subsisting" despite the expiry of deadline of the share-purchase agreement on June 21.
"As far as Sahara is concerned, the deal is still subsisting. Only Jet is saying that the deal has come to an end," Senior Advocate Dushyant Dave appearing for the Subrata Roy-promoted airline submitted before District and Sessions Judge Shiv Charan Sharma.
He said after the agreement was signed everything was handed over to the Jet and now the fate of 4,500 Sahara employees were at stake, besides the money involved in the deal.
Casting apprehension over Jet's intention to get the deal scrapped, Dave said, "We wonder if Jet has done it intentionally".
"If Jet is allowed to walk away with the money it will sound death knell for Sahara," he said conceding that Air Sahara has lost up to 5 per cent of market share after the deal, which collapsed after expiry of the share purchase agreement on June 21.
Objecting to the stand adopted by Jet, the counsel said "Had we known that Jet would behave in such a manner we would not have signed the deal and would have accepted other offers".
He claimed that there was an offer from Vijay Mallya- promoted Kingfisher airlines at that time "but the Jet offer was better and that is why the deal was signed".
Later speaking to media, Dave said Sahara has complied with all the terms and condition under the deal and was waiting for DGCA's clearance for designated Jet officials to be part of the Air Sahara Board.
"Jet thought that if the DGCA clearance was not given within the deadline of June 21, the deal would automatically come to an end," Dave said, adding that "Jet did not move DGCA for approval and wanted to get out of the deal".
"As far as Sahara is concerned, the deal is still subsisting. Only Jet is saying that the deal has come to an end," Senior Advocate Dushyant Dave appearing for the Subrata Roy-promoted airline submitted before District and Sessions Judge Shiv Charan Sharma.
He said after the agreement was signed everything was handed over to the Jet and now the fate of 4,500 Sahara employees were at stake, besides the money involved in the deal.
Casting apprehension over Jet's intention to get the deal scrapped, Dave said, "We wonder if Jet has done it intentionally".
"If Jet is allowed to walk away with the money it will sound death knell for Sahara," he said conceding that Air Sahara has lost up to 5 per cent of market share after the deal, which collapsed after expiry of the share purchase agreement on June 21.
Objecting to the stand adopted by Jet, the counsel said "Had we known that Jet would behave in such a manner we would not have signed the deal and would have accepted other offers".
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He claimed that there was an offer from Vijay Mallya- promoted Kingfisher airlines at that time "but the Jet offer was better and that is why the deal was signed".
Later speaking to media, Dave said Sahara has complied with all the terms and condition under the deal and was waiting for DGCA's clearance for designated Jet officials to be part of the Air Sahara Board.
"Jet thought that if the DGCA clearance was not given within the deadline of June 21, the deal would automatically come to an end," Dave said, adding that "Jet did not move DGCA for approval and wanted to get out of the deal".
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