Jet Airways files petition in HC against Sahara India

Mumbai, June 21: Jet Airways today filed a petition before Bombay High Court against Sahara Airlines owner Sahara India, seeking directions to restrain the latter from withdrawing withdraw Rs 100 crore from the escrow account, opened during the sale-purchase agreement of Sahara Airlines.

The petition by Jet Airways claimed that the company had entered into an agreement with Sahara group and paid Rs 500 crore as advance towards the purchase of Sahara Airlines. The companies had also agreed to fulfill certain coditions in respect of the transaction.

The petition claimed that Sahara India had not yet fulfilled the condition and Jet now apprehended that Sahara may issue a notification to its escrow agent to withdraw Rs 100 crores from the fund.

The petition further said, according to the agreement, it could be terminated by June 21 without giving notification to either parties, if the conditions mentioned in the agreement are not fulfilled.

Sahara Chairman Subrato Roy and other senior officials of the company are the respondents to the petition, which was filed today, but has not yet been moved.

UNI