Jet Airways allowed to withdraw from Escrow account

Jet Airways India Ltd has announced that in respect of litigation between the Company and Sahara India Commercial Corporation Ltd & Others.

The matter came up for hearing last week and the H’ble High Court of Bombay on September 22, 2006, by its order, has allowed the Company to withdraw Rs 1500 Crores which has been in the Escrow Bank Account with ICICI Bank Ltd, upon furnishing the Bank Guarantee of an equal sum.

Source : Equity Bulls

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