Court asks govt to submit papers on Jet-Sahara merger

PRIVATE carrier Jet Airways, whose plans to acquire Air Sahara fell through due to absence of security clearance, on Thursday secured a direction from the Bombay High Court, under which the Centre has to furnish documents related to the merger process. A single member bench of Justice Anoop V Mehta directed the ministry of civil aviation and the director general of civil aviation to produce documents, including those on security clearance and internal notes, regarding the failed merger of Jet Airways and Air Sahara. The bench directed the government to present its plea on April 11. Jet had on Monday filed an application under section 27 of the Arbitration Act demanding documents from the ministry and the DGCA. According to Janak Dwarkadas, Jet counsel Jet, these documents are related to the security clearance and internal notes made by the authorities during the merger. The two member arbitration tribunal had on March 28, granted permission to Jet Airways to file application seeking documents before the court. The tribunal is hearing Jet’s plea seeking refund of Rs 1,500 crore it had deposited in an escrow account in the run up to the merger. The arbitration tribunal will resume hearing arguments on April 9 — when the final hearing is scheduled to be held non-stop for two weeks.

Courtesy: EconomicTimes
For more detail on Retail India visit: http://www.retailindia.tv/