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HAWK21M


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RE: Jet and Sahara --- cat fight
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Personally The Flying Hrs of the B767 in S2 colours is not Pleasing.


regds


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VABBy


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 Finally SC had intervened lets see what happens next...


NEW DELHI: The litigation between Jet and Sahara to keep their pie in the aborted Rs 2,300-crore merger deal entered a decisive phase with the Supreme Court on Friday observing that the dispute cannot go on at two places — Lucknow and Mumbai — and has to be settled at one place.

It took up Jet’s petitions seeking transfer of Sahara-initiated proceedings from Lucknow to Mumbai and asked both the Bombay High Court and the Lucknow district judge not to proceed further with matters pending before them.

However, the apex court continued the Lucknow district judge’s order restraining Jet from operating the escrow account in ICICI Bank, in which Rs 1,500 crore was deposited by Jet as per the merger agreement.

The SC also continued the order of the district judge restraining Jet from enforcing the Pledge Agreement of March 29, 2006, pending final disposal of the arbitration petition filed by Sahara.

Entertaining Jet’s transfer petition, a Bench comprising Chief Justice YK Sabharwal and Justices CK Thakker and PK Balasubramanyan issued notice seeking response of Subroto Roy-controlled Air Sahara within two weeks.

An interesting fact emerged during the arguments before the SC. Jet’s counsel Harish Salve said though both his client and Sahara moved court on the same day, Jet was ahead of Sahara by almost an hour. Jet moved Bombay HC at 14.59 hours edging past Sahara, which moved the Lucknow court only by 1600 hours, he said.

Salve contended that the merger agreement clearly stipulated that in the event of any dispute between the parties, the seat of arbitration would be Mumbai and, hence, it is simple logic that Sahara should have moved a Mumbai court instead of one in Lucknow for arbitration.

Appearing for Sahara, senior advocate Fali S Nariman said it is not as simple as Jet’s counsel perceived it to be and sought three weeks’ time to reply to the transfer petitions filed by Jet.

The Bench gave Sahara and ICICI, the two respondents in Jet’s transfer petition, two weeks’ time to file their responses and posted the matter for further hearing after three weeks.
 
http://economictimes.indiatimes.com/articleshow/1754297.cms

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karatecatman


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Sahara files huge claim against Jet
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http://economictimes.indiatimes.com/articleshow/548475.cms
Sahara files huge claim against Jet
CUCKOO PAUL


TIMES NEWS NETWORK[ FRIDAY, NOVEMBER 24, 2006 01:43:55 AM]
 
MUMBAI: After months of acrimony following a failed acquisition deal, Air Sahara has filed a Rs 2,000-crore claim against Jet Airways for non-completion of the agreement entered into by the two in January.


The claim was filed in London on Monday with the three-member arbitration panel. The panel, headed by British judge Lord Stein, will come out with an order binding on both parties by March ’07.


The Air Sahara claim is based on the cash loss it has incurred and the depreciation in its value because of the $200-m buyout deal falling through. Sources said the Air Sahara lawyers will argue that Jet Airways can either complete the transaction or pay the damages. Arguments will be based on the specific performance of Jet Airways, they said.


The Air Sahara line is that the transaction should have been completed because the conditions precedent were either fulfilled or capable of being fulfilled by Air Sahara. While Jet has named former India chief justice SP Bharucha as its arbitrator, Sahara has brought in Justice BP Jeevan Reddy, also a Supreme Court judge.


The break-up came about after the Jet Airways management had virtually taken over operations of Air Sahara. Jet Airways walked out of the deal in June, saying the “conditions precedent” to the deal were not met.


The final sticking point was the government’s delay in approving Jet chairman Naresh Goyal’s appointment to the Air Sahara board. Air Sahara countered that Jet had engineered this impasse by delaying request for the approval as a way of extricating itself from the deal.


After a three-month freeze on the Rs 1,500 crore deposited by Jet in an escrow account, the airline won a reprieve in September when the Bombay High Court allowed it to withdraw the money. The court had ruled that Jet could withdraw the money against a bank guarantee of the same amount.


The Mumbai-based airline has been badly hit on the bourses since it announced its plans to buy Air Sahara. The Jet share closed at Rs 706 on BSE on Thursday, about 2% below the previous close and way below its IPO price of Rs 1,100.


Jet had advanced Rs 500 crore to Air Sahara shareholders against a pledge of 100% of the airline’s shares and a personal guarantee by Sahara chief Subrata Roy, while leaving Rs 1,500 crore in the escrow account. Between January and June, Jet had also provided financial support worth Rs 180 crore to meet the airline’s operational requirements. 
 



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