Open to out-of-court settlement in Sahara case: Jet

The buzz regarding Jet-Sahara case settlement seems to be lowering. Jet Airways today told the court it had approached Sahara regarding a possible out-of-court settlement. CNBC-TV18's Ashwin Mohan reports.

Here is a verbatim transcript of Ashwin Mohan's comments on CNBC-TV18. Also watch the accompanying video.

Even as Jet said it had approached Sahara for an out-of-court settlement, the latter said no such meeting after June 16 has taken place. Tax liabilities are at the heart of the dispute.

The Jet lawyer said that out of Jet's total tax liability of more than Rs 900 crore, Rs 444 crore has been annulled by the Income-Tax Department. The Jet counsel also said that they will pass an affidavit in this regard to place the development on record. Sahara is also expected to file a counter affidavit regarding the tax liability issue and will challenge that. Sources, however, say the next hearing is on July 15 and if till that date, no talk of settlement materializes, the Bombay High Court is expected to pass a final order on the case and put an end to the tussle.

Also read: Jet may pay Rs 300cr to end Sahara legal tussle