Sahara files caveat anticipating Jet move
Even as the Rs 2,300 crore Jet-Sahara deal has been declared by Sahara as 'closed', it filed a caveat in the HC.india Updated: Jun 22, 2006 18:10 IST
Even as the Rs 2,300 crore Jet-Sahara deal has been declared by Sahara as 'closed', it filed a caveat petition in the Lucknow bench of Allahabad High Court on Thursday anticipating action by Jet Airways against the lower court order.
Sahara filed the caveat a day after taking a stay from a lower court on withdrawal of funds from the escrow account on the Jet-Sahara deal.
Bulbul Gidiyal, the counsel of Sahara, filed the caveat in the HC this afternoon urging the court to hear its plea, if Jet Airways files a petition seeking to overturn the lower court stay order.
Lucknow district judge Shiv Charan Sharma had on Wednesday frozen the escrow account of Jet Airways at ICICI Bank till June 23.
In his two-page order on Wednesday's petition of Sahara under the Arbitation Act provisions, the district judge had said Jet shall not withdraw the amount deposited in the escrow account. The court had also restrained the ICICI Bank from making any payment from the account.
Commenting on the petition of Air Sahara in the district court, the judge said as there was the dispute between the two parties and there was arbitration clause, hence the petition was maintainable and be registered as a regular suit.