Jet Airways will have to pay 478 crore to Sahara India within two weeks as dues for the takeover of Air Sahara, the Bombay High Court ruled. Jet has defaulted on its agreement to pay on time dues from the 1,450-crore renegotiated deal to buy Air Sahara from Sahara India Commercial Corporation in 2007.
Jet had paid 900 crore up front for Air Sahara, renamed JetLite, and the balance was to be paid in four interest-free annual equal installments commencing on or before March 2008 without deductions. With the court order, Sahara will now get 116 crore more from Jet as interest at 9% per annum from 2008. The court also directed Jet to pay interest of over 9 lakh a day beginning May 1, 2011, till such time as it pays the entire amount to Sahara.
The court, however, rejected Sahara India's petition claiming 2,000 crore as the total takeover amount, instead of the renegotiated Rs 1,450 crore, saying it had not disclosed its tax liabilities to Jet. On March 26, 2009, Sahara India had filed a petition in the Bombay High Court alleging Jet had part-defaulted in its yearly installment and deduction in that amount.
Over 2008 and 2009, Jet had paid 87 crore less, as it was the income-tax dues of Sahara. During the course of the hearing, some properties of Jet were attached, and the airline had given an undertaking in March 2009 that it would not dispose of the property till the dispute was settled.
| Company Name | CMP |
|---|---|
| Interglobe Aviation | 3923.50 |
| SpiceJet | 61.52 |
| Global Vectra Helico | 224.95 |
| Jet Airways (I) | 48.70 |
| Taneja Aerospace | 470.00 |
| View more.. | |
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