Civil suit filed on Subroto Roy of Sahara by Jet in Bombay HC

Mumbai, June 30 (UNI) Jet Airways today moved Bombay High Court against Air Sahara's chief Subroto Roy following the former's pulling out of the acquisition deal between the two companies.

Jet's civil suit is for the recovery of Rs 500 crores paid as advance to Roy.

Jet had transferred the advance amount of Rs 500 crore into an escrow account opened for the deal against 100 per cent stake in Air Sahara.

Jet had already filed an arbitration suit in the Bombay High Court in this matter last week.

Jet's lawyer Janak Dwarakadas told reporters int the day that since Roy was a personal guarantor for the refund of the advance in case share-purchase agreement was terminated for any reason, whatsoever, ''we are filing a case against him.'' ''The agreement provided that in the event of acquisition agreement being cancelled, Sahara would have to refund the advance money within seven days,'' he said. ''As Roy was the guarantor, the suit has been filed against him.'' In January this year, Jet had signed an agreement with Air Sahara to acquire the latter for Rs 2,300 crore.

However, Jet aborted the deal this month alleging Sahara had not fulfilled the conditions in the agreement before the deal could go through.

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