Delhi HC asks SpiceJet to pay Rs580 crore in Kal Airways case

| Friday, July 29, 2016 - 16:57
First Published |
Delhi high court, spicejet, kal airways, Kalanithi Maran, ajay singh, ownership

SpiceJet asked to pay Rs 580 crore in a share transfer dispute case

New Delhi: The Delhi High Court on Friday ordered SpiceJet to pay Rs 580 crore in a share transfer dispute case.

The court asked the Indian low-cost airline to deposit the money in five instalments over the next 12 months.

A petition was filed by Sun Group owner Kalanithi Maran and his airline Kal Airways accusing SpiceJet of not issuing share warrants in favour of Maran.  The ownership was transferred to Ajay Singh, the current controlling shareholder of SpiceJet Ltd in February 2015.

Sun Group had sold their 350.4 million shares or 58.46%, in the airline to SpiceJet co-founder Singh.

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Maran also sought a refund of the Rs 690 crore his company have paid on SpiceJet towards operating costs and debt payment. The court has also directed both the parties to appoint an arbitral tribunal to decide on the share transfer dispute in a year.

SpiceJet Ltd is currently trading at Rs 68.00, up by Rs. 1.45 or 2.18% from its previous closing of Rs 66.55 on the BSE.

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