Jet to move SC on Sahara deal

Jet Airways would file a transfer petition before the Supreme Court seeking a transfer of the case filed by Air Sahara at Lucknow to the Bombay High Court.

Jet Airways would file a transfer petition before the Supreme Court seeking a transfer of the case filed by Air Sahara at Lucknow to the Bombay High Court. Stating this, the airline today said that it decided not to extend the June 21 deadline for ‘‘commercial reasons’’ and in the ‘‘interest of Jet Airways and it’s family of shareholders’’.

Terming the controversy as unfortunate, Jet Airways stated that there was no need to read anything more into the actions of the parties beyond commercial considerations and that the airline had ‘‘acted entirely on sensible commercial and legal advise received by it’’.

‘‘The Share Purchase Agreement entered into between Jet Airways and Sahara Airlines was based upon certain conditions precedent being satisfied before the due date,’’ stated a Jet Airways release.

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What led to the expiring of the Share Purchase agreement was the gap between the time-frames of policy changes in key areas of aviation sector and the commercial transactions which are based on ‘‘financial and other techno-commercial compulsions’’, said Jet officials.

Responding to charges of Jet Airways Chairman Naresh Goyal alleged underworld links, the airline, in a reference to the recent Home Ministry security clearance, stated that the ‘‘latest communication by the Government of India has laid the controversy to rest’’.

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