Mumbai: Jet claims that it was the lack of government approvals that caused its deal with Sahara to collapse. But there were other 'disturbing facts' that may have prompted Jet not to extend the deal deadline.
Jet hasn't come clean on why it terminated the agreement with Air Sahara. Sure, the airline cited the lack of government approvals as the reason.
But in June this year, two days before the deal deadline, Sahara wrote to Jet requesting a second extension.
In its letter, Sahara asked for a 15-day extension to satisfy two unfulfilled conditions in the agreement- obtaining government approval and receiving a no-objection.
But Jet flatly refused. In his response to Sahara, Jet Airways Executive Director Saroj Dutta said the share purchase agreement did not contain any provision for a further extension
But here's where the tale twists. Dutta went on to say, "Further and in any case from what is stated above, in the light of disturbing facts that have recently come to light, we are not in a position to agree to any extension."
Never before has Jet made a public mention of any such disturbing information that could have caused it to rethink the deal. All along the airline's stance has been, ‘lack of government approvals’ forced the deal apart.
So what could these disturbing facts be? Did something transpire between Naresh Goyal and Subroto Roy? Did Jet come upon these 'disturbing facts' while running Sahara from January to June? Did Jet find bigger holes in the Sahara balance sheet than it had anticipated?
Answers to these questions may emerge on Thursday when the Jet- Sahara case comes up in the Bombay High Court. Jet may finally have to share more on the 'disturbing facts that came to light' and caused the deal to collapse.
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