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Jetairways has been informed that SICCL (Sahara India Commercial Corporation Limited) has moved an application in the Mumbai High Court for executing the Award of the Arbitrators in the Arbitration relating to the takeover of Sahara Airlines.
The Income Tax department has raised certain demands on Sahara Airlines (now Jet Lite) for the period prior to the takeover and unrelated to the activities of Jet Lite after the takeover. It is the position of Jet Airways that this liability is to be borne by SICCL and since arrangements for payment of this liability were not made by SICCL, these amounts deposited by Jet Lite were deducted from the installments payable under the Award.
SICCL has not accepted this position and has therefore moved the High Court for appropriate relief. Since the matter is sub-judice, the company has been advised not to make any comments on the merits of the matter.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
