Air Odisha restrained from stake sale, bank account operations

Bhubaneswar: Air Odisha which successfully bid for as many as 50 routes under the UDAN (Ude Desh ka Aam Naagrik) scheme of the Central government recently has been served a stay order by the Bhubaneswar Civil Judge Court restraining it from selling off its stake and operating its bank account.

The investors who were duped in the name of getting shares of Air Odisha had moved the court citing that the airline is planning to sell off the shares to other parties after taking money from them.

Petitioner Mitesh Khimji who had paid over Rs 1 crore for 40% stake in Air Odisha had approached the court.

“We had sought a stay on the purchase and sale of shares which the court granted us yesterday. The court has also ordered a stay on the operation of Air Odisha’s bank accounts. Effectively, Air Odisha cannot operate its bank account and cannot sale or purchase any of its shares till the dispute is resolved,” said Mitesh.

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