HC reserves order in Jet-Sahara case till Sep 21

Mumbai Sep 18: The Bombay High Court today reserved till Thursday the final orders in the Jet-Sahara dispute over the acquisition of Sahara Airways by Jet Airways that did not materialise and now revolves a round Rs 1,500 crore that are lying in the Escrow Account.

The deal which was fixed at Rs 2,300 crore, did not materialise as Jet Airways Chief Naresh Goel had failed to get all the security clearances as specified by the Share Purchase Agreement before the expiry date.

Justice D K Deshmukh admitted the case last week after it was transferred from the Supreme Court for arbitration. The stay on the Escrow Account has not been withdrawn still and the advance paid by Jet lies untouched by any party.

UNI