After its failed takeover of Sahara Airlines in Ju
ne 2006, it all seemed as though Naresh Goyal’s Jet Airways is all set to lose both the deal and the money deposited in the escrow account with ICICI Bank for violating the terms of the contract. However, the Bombay High Court on September 22, 2006 allowed the air liner to withdraw the sum of Rs.15 billion with dual conditions of agreeing to furnish bank guarantees against this sum and paying-up the interest amount of Rs.1 billion to Sahara Airlines. This, however, proves a breather for Jet Airways who can now utilise the locked-up funds in new investments.
For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
ne 2006, it all seemed as though Naresh Goyal’s Jet Airways is all set to lose both the deal and the money deposited in the escrow account with ICICI Bank for violating the terms of the contract. However, the Bombay High Court on September 22, 2006 allowed the air liner to withdraw the sum of Rs.15 billion with dual conditions of agreeing to furnish bank guarantees against this sum and paying-up the interest amount of Rs.1 billion to Sahara Airlines. This, however, proves a breather for Jet Airways who can now utilise the locked-up funds in new investments.For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
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