Date:16/06/2006 URL: http://www.thehindubusinessline.com/2006/06/16/stories/2006061604100900.htm

Back Sahara board: Security nod awaited for Naresh Goyal

Ashwini Phadnis

New Delhi , June 15

The processing of the share purchase agreement between Jet Airways and Air Sahara hangs in the balance with the security clearance for appointment of the Jet Airways Chairman, Mr Naresh Goyal, on the Air Sahara board still not having been received.

While speculation was rife on Thursday that the Ministry of Home Affairs had refused to accord security clearance for Mr Goyal to be on the Air Sahara board, a Jet Airways spokesperson when contacted merely said, "We are unaware of any such development. Security clearance has already been received for four names proposed for the Air Sahara board and we are awaiting this for Mr Goyal also."

The four directors cleared are Dr Vijay Kelkar, Mr Saroj K. Datta, Mr Victoriano P. Dungca, and Mr Javed Akhtar.

Jet Airways purchased Air Sahara for $500 million in January this year. However, the acquisition is yet to be finalised, as all Governmental clearances have not been received.

The Government has already notified the policy to be followed regarding the use of airport infrastructure in the case of merger or takeover of airlines and sale or transfer of aircraft approved by the competent authority.