NEW DELHI: The Delhi High Court has ordered SpiceJet to pay Rs 380 crore to its former promoter Kalanithi Maran, Chairman of Sun Group, seeking an affidavit of assets from the budget airline within four weeks’ time. The latest direction issued by single-judge bench of Justice Yogesh Khanna was in relation to an old pending share transfer dispute between the parties -- the former promoter Maran and current promoter, Ajay Singh, and SpiceJet.
The high court pointed out that Spcejet has to follow the earlier apex court order in relation to the dispute. “The arguments of the decree holder appears plausible as admittedly there is no modification of order dated 13.02.2023 passed by the Hon’ble Supreme Court, hence it need to be followed,” the order asserted.
As per the contention of Maran’s counsel, earlier liability of Rs 75 crore had not yet been deposited, and that the interest liability had gone from Rs 362 crore to Rs 380 crore. In the order dated May 29, Justice Yogesh Khanna noted that SpiceJet had failed to pay its debtor as per the earlier Supreme Court order and directed them to clear the outstanding amount.
The court will again hear the matter on September 5. 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 Rs 2.
Maran’s Kal Airways has to get a return of stock warrants and convertible redeemable preference shares from the airline, as per their agreement. Maran had approached the court after SpiceJet failed in issuing warrants or allot tranches of preference shares.