Saharashri jumps into court battle
Subrata Roy moves court for a stay on the Rs 500 cr paid as advance by Jet.india Updated: Jul 04, 2006 10:24 IST
In an interesting twist to the ongoing legal battle over the collapsed acquisition deal by Jet Airways for takeover of Air Sahara, Sahara Group Chief Subrata Roy on Monday moved the Lucknow court for a stay on the Rs 500 crore paid as advance and the Rs 1500 crore escrow account opened by Jet with ICICI Bank.
Sharashri Roy along with their flagship company Sahara India and others petitioned in the Lucknow district court, which in turn issued notices to Air Sahara, ICICI Bank and Jet Airways.
District and Sessions Judge Shiv Charan Sharma, while registering the petition, directed that it be listed along with the earlier similar petition filed by Sahara India Commercial Corporation Limited (SICCL) on July 29.
The petition interestingly comes within days of Jet Airways approaching the Bombay High Court for refund of Rs 500 crore paid by it in lieu of the shares of Air Sahara pledged to it and a petition in the Supreme Court for transfer of all related litigation in Lucknow to the Bombay High Court.
The judge in his order said that a petition challenging the jurisdiction of the district court, as well as seeking transfer of the matter to Bombay High Court, was currently pending in the Supreme Court.
Interestingly, Air Sahara along with ICICI Bank and Jet Airways had been made respondents in the new petition.
While the earlier petition was filed by Sahara India Commercial Corporation Limited (SICCL) with OP Srivastava as the other plaintiff, the new petition has been moved by Sahara India Limited with Subrata Roy, the group Chairman, JB Roy and Vandana Bhargava, the company secretary as other plaintiffs.