Sahara files Rs 3020 cr claim against Jet

Nov 24, 2006 Stock Market

Subsequent to a failed acquisition deal, Air Sahara, on Friday, filed a Rs 3,020 crore (Rs 30.2 billion) claim against Jet Airways for non-completion of the agreement.

As part of its plea, Sahara sought a direction from the tribunal that Naresh Goyal-promoted Jet should execute the share purchase agreement and close the transaction as per directions of the tribunal.

Justice S P Bharucha and Justice B P Jeevan Reddy, both retired judges of the Supreme Court, are on the panel as nominees of Jet and Air Sahara respectively.

Alternatively, Sahara claimed if “Jet Airways is unwilling to buy Air Sahara, then Jet is liable to pay over Rs 1,931 crore (Rs 19.31 billion) as damage, compensation and inter-line revenue.