New Delhi: Signaling an end to the Rs 2,300-crore acquisition deal by Jet Airways, Air Sahara said on Wednesday night that it would start operating the airline with its own management from Thursday.
Sources at Air Sahara said that it would take this decision if the deal did not materialise by the deadline - midnight on Wednesday.
After remaining silent for the whole day, Air Sahara President Alok Sharma said in a hurriedly convened press conference, "Air Sahara will not renegotiate on the price. But if they (Jet) want extension of deadline we are open to increase by another 15 days."
"We have not got regulatory clearances and this held back the completion of the deal," he added.
Asked whether Jet was sincere about completing the deal, Sharma refused to give any direct reply but said the airline could have gone ahead with the deal with four of its members on Air Sahara's Board.
"We have had only one condition before the deal that requisite clearance was necessary for joing the Air Sahara group," he said.
As the press conference was coming to an end, Sharma rose up from his chair, saying, "Wish us luck, Air Sahara is on its own from tomorrow."
Asked whether Sahara's counsel informed the Lucknow court that Jet had terminated the agreement, Sharma declined to comment, saying the matter was subjudice.
"We moved the Lucknow court seeking to restrain Jet from operating escrow account, which currently has Rs 1,500 crore," he said.
Asked about the fate of Rs 100 crore Jet had promised to pay Air Sahara, in case the deal failed to come through, Sharma said there were some funds pumped in budget on "non-returnable" basis, which is much more than the amount mentioned in the media.
However, he refused to divulge the amount.
Asked whether Jet approached them on Wednesday, he said, "We have not heard anything today. The last was the feelers for revaluation of the deal by 10-20 per cent which was rejected summarily."
Sharma added that the balance sheet of the company was healthy.
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