JET AIRWAYS UPDATE

It was a partial victory for Jet Airways before the Bombay High Court yesterday. Justice D Y Chandrachud came to the conclusion that “Jet Airways is liable to pay a consideration of Rs 1,450 crore and not Rs 2,000 crore” to Sahara Group , for the 2007 takeover deal of Sahara Airline. The court however sought to strike a balance. It held that Sahara had breached its obligation by not disclosing its pre-deal tax liability to Jet and also that Jet had been wrong in deducting the tax amount from its instalments to Sahara. The judge imposed a 9% interest