Govt 'not responsible for' Jet-Sahara deal collapse | india | Hindustan Times
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Govt 'not responsible for' Jet-Sahara deal collapse

india Updated: Jun 28, 2006 14:46 IST
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The government on Wednesday said the merger and acquisition policy for the civil aviation sector was not tailor-made to suit any airline but based on the best international practices.

"The policy cannot be tailor-made to suit any particular airline. Government is very clear on this issue. The policy that is broadly in place is based on best international models and practices," Civil Aviation Minister Praful Patel told reporters in New Delhi.

He was replying to questions relating to a statement by Jet Airways on Tuesday in which the airline had indicated that delays in the framing of policies and granting clearances had led to the collapse of its Rs 2,300 crore takeover deal with Air Sahara. 

In a stern statement, Patel said if someone had any grievances, "they are free to approach the government for clarifications. But the government is not answerable to anyone.

"Policies are not made to suit any particular airline. If someone is dissatisfied, we cannot be held responsible", the Minister said, adding that policies were made for the entire aviation sector.

Jet Airways had on Tuesday said that though reform and liberalisation in the aviation sector had been fast-paced, "the policy changes in such key sectors have their own time frame".

"Commercial transactions, however, have their own time frame based on financial and other techno-commercial compulsions. On account of this, the time limits in the Share Purchase Agreement (between Jet and Air Sahara) have expired before the conditions precedent have been met", the airline statement had said.

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