Though both the sides would not officially say anything, sources familiar with the development said they were talking to each other on settling their differences over the Rs 2,200 crore (Rs 22 billion) deal out of court and discussions had narrowed down to the exit fee to be paid by Jet. The two parties are negotiating an exit fee in the range of Rs 300-700 crore (Rs 3-7 billion), sources added.
While speculation was rife that Jet Airways chief Naresh Goyal had a meeting with Sahara Group chief Subroto Roy, the information could not be substantiated officially. When contacted, officials of both sides
rejected the meeting as speculation.
However, it is understood that some top officials of Jet, along with their legal team, were talking to Sahara top brass on reaching the settlement. Among those who were believed to be part of the talks are Jet's V Dunka and Saroj Datta and Sahara's Alok Sharma and legal advisors.
As part of the deal, reached in January, Jet had paid Rs 180 crore (Rs 1.8 billion) for the revival of Air Sahara and Rs 500 crore (Rs 5 billion) in lieu of Air Sahara shares pledged with it besides depositing Rs 1,500 crore (Rs 15 billion) in an escrow account opened for the purpose.
After the deal fell through over absence of regulatory clearances on June 21, Sahara moved a court in Lucknow seeking to bar Jet from operating the escrow account, prompting Jet to approach the Bombay High Court.
