SpiceJet to Pay Sun Group and Kalanithi Maran Rs 579 Cr: Delhi HC

The Sun Group chief alleged that despite giving SpiceJet money, the carrier failed to issue it shares. (Photo: Reuters)

• On Friday, SpiceJet was directed to deposit Rs 579 crore in 12 months before the Delhi High Court, which asked the airline and Sun Group chief Kalanithi Maran to appoint an arbitral tribunal to decide the share transfer dispute between them.
  
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• The order came on Maran and his airline’s plea for issuing them stock warrants in SpiceJet as per a Sale Purchase Agreement (SPA) of 2015, which led to transfer of ownership of the budget carrier to its co-founder Ajay Singh.
  
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• Maran alleged in the plea that despite giving around Rs 579 crore to SpiceJet, the carrier failed to issue them the warrants or allot them tranche 1 and 2 of Convertible Redeemable Preference Shares and the amount was not utilised for paying statutory dues.
  
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• SpiceJet had earlier told the court that the change of ownership was affected as a rehabilitative measure to address the liability of Rs 2,000 crore incurred by the airline when it was under the management of Maran.
  
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(With inputs from PTI)