Jet-Sahara: Escrow acc encashment stay extended

Lucknow, Jun 30: A district court in Lucknow today extended till July 29 the stay on encashment of escrow account in the aborted Jet-Sahara deal.

District and Sessions Judge Shiv Charan Sharma extended its interim order of freezing the escrow account opened for the proposed acquisition till the next hearing on July 29. The order came after the counsels for both parties submitted that a transfer petition had been filed at the Supreme Court and was pending.

The Lucknow court had earlier stayed the operation of the escrow account till July 1 on its last hearing on June 21 when Sahara had pleaded to stop the encashment of ICICI bank escrow account amount of Rs 500 crore deposited by Jet Airways as guarantee money of the deal.

Abhishek Manu Singhvi, the noted lawyer appeared on behalf of Jet Airways while Dusyant Dave was the counsel for Sahara.

UNI

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