Sahara takes Jet Airways to courtMarch 31st, 2009 - 9:36 pm ICT by IANS
Mumbai, March 31 (IANS) Sahara India Commercial Corp (SICCL) has moved the Bombay High Court against Jet Airways, charging it with not paying instalments for buying the erstwhile Sahara Airlines (now JetLite) in April 2007, Jet said Tuesday.
In a regulatory statement, Jet Airways - India’s largest private carrier - said there was a disagreement between the two companies on income tax-related issues, adding that the income tax department had raised certain issues on Sahara Airlines for the period prior to the takeover.
According to it, these issues were unrelated to the activities of JetLite.
Jet Airways bought Sahara Airlines for Rs.1,450 crore in 2007 paying Rs.900 crore upfront, and had agreed to pay Rs.137 crore as yearly instalments over the next four years, the private air-carrier said.
“SICCL has not accepted this position and has therefore moved the high court for appropriate relief,” the regulatory statement said.
“Since the matter is sub-judice, we have been advised not to make any comment on the merits of the matter,” it added.
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