Supreme Court urges SpiceJet, Maran to settle dispute

The Supreme Court of India on Thursday urged SpiceJet and Kalanithi Maran, media-baron and former promoter of SpiceJet, to consider settling their share transfer dispute.

Published: 01st April 2022 07:43 AM  |   Last Updated: 01st April 2022 07:43 AM   |  A+A-

SpiceJet

SpiceJet flight (Photo | PTI)

By Express News Service

NEW DELHI:  The Supreme Court of India on Thursday urged SpiceJet and Kalanithi Maran, media-baron and former promoter of SpiceJet, to consider settling their share transfer dispute. The Top Court’s remark came after Rs 600 crore offered by SpiceJet was not accepted by Maran as he is seeking interest on this amount which is around Rs 300 crore.

A Supreme Court bench headed by Chief Justice NV Ramana has now posted the case for hearing on April 12 and asked SpiceJet to consider paying interest amount to Maran. The controversy between the 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 `679 crore which they spent on SpiceJet. Since then, the case has moved to the High Court, arbitration tribunal and now to the Supreme Court.

Meanwhile, SpiceJet on Thursday said it has settled its commercial dispute worth around $24 million with Swiss financial services company Credit Suisse. “With regard to the dispute pending between Credit Suisse and SpiceJet Limited, we would like to inform you that the parties have now reached an in-principle commercial settlement of the dispute and the process of documentation is underway,” SpiceJet said in a statement.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp