NEW DELHI: The Supreme Court of India on Tuesday adjourned the hearing on the share transfer dispute between domestic carrier Spicejet and Kalanithi Maran, media baron & former promoter of Spicejet. Senior advocate Mukul Rohatgi appearing for Spicejet said nothing came out of the long meetings.
“We tried. We had long meetings but unfortunately, I am told it is not possible to accept the offer. Please keep it next week for arguments.” he said.
“We had apprehension about the interest. If something can be worked out then we are open.” Counsel for Maran said.
The bench reiterated that something has to be done about the interest.
The matter would now be heard next week.
Last week, The Supreme court had urged them 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.
The controversy between the current and former promoters 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 shares 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.