The Bombay High Court directed Jet Airways to pay Sahara India Rs 478 crore within two weeks. With the paying up the amount Jet's Rs 1,450-takeover of Sahara Airlines (now JetLite) would be completed.
Justice Dhananjay Chandrachud of the Bombay High Court held that Jet Airways was liable to pay Rs 478 crore, which includes interest at 9 per cent per annum. The amount was computed on the principal amount of Rs 402 crore.
The petition filed by Sahara claiming Rs 2,000 crore as the total sum for the takeover on account of default in payment, instead of the initial amount of Rs 1,450 crore agreed between the two airlines was however rejected.
Jet Airways had already deposited Rs 275 crore with the Court, the remaining Rs 203 crore will be paid in two weeks. This includes Rs 87 crore the airline has already deducted as tax, and Rs 116 crore which is the interest element.
The Court and hence the impact of the judgment on the Jet Airways’ accounts book would be Rs 106 crore.
.jpg){kind=logo}
-1766150810888.jpg)
-1766148564075.jpg)
Comments
All Comments (0)
Join the conversation