NEW DELHI: Private carrier SpiceJet on Thursday said that it has offered to pay Rs 600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court on Thursday.
The top court has asked the former promoter of the airlines (Maran) to consider the settlement offer and
has listed the matter on February 14, 2022. Mukul Rohatgi, senior counsel appearing for SpiceJet, told the court that out of the principal amount of Rs 578 crore awarded in arbitration, SpiceJet has already paid `308 crore in cash and deposited a bank guarantee of Rs 270 crore. He proposed to pay the bank guarantee equivalent amount of Rs 270 crore in cash and top it up with additional Rs 22 crore aggregating the total payout to Rs 600 crore as full and final settlement of all disputes between the parties.
The controversy between current and former promoter of the struggling airline dates back to 2015 when Maran and KAL Airways had transferred their 58.46% stake in SpiceJet to Ajay Singh for a token amount of Rs 2. Under the agreement, KAL Airways and Maran were to receive redeemable warrants and preference share in return for the Rs 679 crore which they spent on SpiceJet.