If no bid comes within at least 90 per cent of the highest bid, the highest bidder would be declared the final buyer. Accordingly, the government-appointed board and Justice S P Bharucha, the former chief justice who will oversee the bidding, will open the sealed financial bids submitted by the shortlisted qualified bidders whose technical bids have been found satisfactory, and rank them based on price only. Earlier, there was no ranking of the bids.
Subsequent to a failed acquisition deal, Air Sahara, on Friday, filed a Rs 3,020 crore (Rs 30.2 billion) claim against Jet Airways for non-completion of the agreement.
The SC bench headed by judge S S Nijjar suggested to appoint foreign arbitrator in RIL'a ongoing case on gas pricing.
Govt notification on $8.4 a unit price likely by month-end
'It is best that an amicable solution to the dispute is found outside the precincts of the courts of law,' says former Union home secretary Dr Madhav Godbole.
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