NEW DELHI: Retired Supreme Court Judge Justice PV Reddi has been appointed as a mediator in the dispute between SpiceJet and its former promoter Kalanithi Maran and his firm KAL Airways.
The apex court ordered the appointment of Justice (Retd.) Reddi on a joint request by both parties that they may be referred to mediation with a view to exploring an amicable settlement between them so that the matter may come to an end soon.
The two parties have been directed to approach the mediator at the earliest. The matter has its root to a dispute arising out of the non-issuance of warrants in favour of Maran after the transfer of ownership to Ajay Singh, the controlling shareholder of SpiceJet.
Amid a financial crisis, Maran and Kal Airways had transferred their entire 35.04 crore equity shares in SpiceJet, amounting to 58.46% stake in the airline, to its co-founder Singh in February 2015 for just `2. Since then, the two parties have been involved in a long legal tussle. In recent hearings, Maran has shown his dissatisfaction with the offer made by Singh to settle the case.
On August 16, the court granted 5 weeks to SpiceJet to settle the case with Maran and said it would consider a joint request for mediation between the parties to come to a settlement.