Jet to move SC on Sahara deal
Jet Airways on Tuesday said it would file a petition before the Supreme Court seeking transfer of all cases, relating to its failed takeover deal of Air Sahara, pending before the Bombay High Court and the Lucknow district court.
By PTI |
NEW DELHI: Jet Airways on Tuesday said it would file a petition before the Supreme Court seeking transfer of all cases, relating to its failed takeover deal of Air Sahara, pending before the Bombay High Court and the Lucknow district court.
"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 controversy arose after Air Sahara submitted before the Lucknow District Court that the deal was still "subsisting", while Jet officials maintained that it had expired.
"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.
ADVERTISEMENT
Observing that commercial transactions had "their own time frame based on financial and other techno-commercial compulsions", the Jet statement said, "on account of this, the time limits in the Share Purchase Agreement have expired before the conditions precedent has been met".Regarding the "credentials" of its management in the wake of controversy over the delay in granting of security clearance to Jet Chief Naresh Goyal, the statement said, "the latest communication by the Government of India has laid the controversy to rest, nothing more needs to be said".
Goyal was granted security clearance by the Union Home Ministry a day after the deal lapsed.
Terming the controversy of the failure of the deal as "unfortunate", Jet said it had "acted entirely on sensible commercial and legal advice received by it" and there was no need to read anything more into the actions of the two parties "beyond commercial considerations".
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
