Uncertainty over Jet-Sahara deal | Latest News India - Hindustan Times
close_game
close_game

Uncertainty over Jet-Sahara deal

None | ByPress Trust of India, Mumbai
Mar 21, 2006 08:31 PM IST

Deal's execution was stalled for want of clearance of Air Sahara's application of Share-Purchase Agreement.

Uncertainty loomed large over the fate of the Rs 2,300 crore deal by Jet Airways to acquire Air Sahara in the absence of clearance from the Directorate General of Civil Aviation for effecting the buyout.

HT Image
HT Image

The two sides may consider extending the transaction date beyond March 24.

Hindustan Times - your fastest source for breaking news! Read now.

"Wait till March 24. Then only we can give you some news," Jet Executive Director Saroj Datta said from Mumbai while exuding confidence that officials of the two airline will "find a solution" before the expiry of the Escrow account (opened by Jet) on March 24.

Sources in the know of the deal said that the execution of the deal had been stalled for want of the clearance of Air Sahara's application for Share-Purchase Agreement signed by the two sides and the change of the management.

Jet has already got the requisite clearance from the Company Affairs Ministry for buying out the other Airline.

When contacted, Air Sahara President Rono Dutta, who is heading the integration team, declined to comment whether Jet had sought extension of transaction time beyond March 24 and if he was confident about the execution of the deal.

Sahara officials discounted a rumour that Sahara Chief Subrata Roy and Jet Chief Naresh Goyal would meet in Mumbai on Tuesday to iron out differences and echoed the Jet officials' view that there was no glitch in execution of the deal.

Speculation about the meeting had kept journalists here on tenterhooks.

Sources said the issue of extension of the last date for Escrow Account would be considered on March 24 as there could be some other issues relating to infrastructure.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On