Lucknow: A lengthy court battle between Jet Airways and Air Sahara over their failed takeover deal does not seem inconceivable.
Sahara Group Chief Subrata Roy has now moved a local court seeking stay on refund of Rs 500 crore to Jet and freeze on the Rs 1,500 crore escrow account.
Roy, known in the group as 'Sharashri,' along with the group's flagship company Sahara India and others petitioned 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 against shares of Air Sahara pledged 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 – the escrow agent - and Jet Airways had been made respondents in the new petition.
While the earlier petition was filed by SICCL with O P Srivastava as the other plaintiff, the new petition has been moved by Sahara India Limited with Subrata Roy, group Chairman, J B Roy and company secretary Vandana Bhargava,
as other plaintiffs.
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