Mumbai: SpiceJet has been directed to deposit Rs 579 crore with the Delhi High Court in a Share Purchase Agreement case.
The Delhi HC ordered the airline to deposit the amount with it in five instalments over the next 12 months with the first tranche to be paid out in August.
Sun Group owner Kalanithi Maran and Kal Airways Pvt Ltd filed a plea against the airline for the non-issuance of warrants in the favour of Maran after the ownership was transferred to Ajay Singh, the controlling shareholder of the company.
According to ANI, Maran and Kal Airways had transferred their entire 350.4 million shares in SpiceJet, or 58.46% stake, to co-counder Singh in February 2015. Maran has alleged that despite giving around Rs 579 crore to SpiceJet, the airline didn't issue warrants or allot them tranche 1 or 2 of Convertible Redeemable Preference Shares. He further alleged that the amount was not used to pay statutory dues because of which they were facing prosecution, a PTI report said.
For the Rs 579 crore, in return, Maran and Kal Airways were slated to receive redeemable warrants, the ANI report says.
29/07/16 DNA
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The Delhi HC ordered the airline to deposit the amount with it in five instalments over the next 12 months with the first tranche to be paid out in August.
Sun Group owner Kalanithi Maran and Kal Airways Pvt Ltd filed a plea against the airline for the non-issuance of warrants in the favour of Maran after the ownership was transferred to Ajay Singh, the controlling shareholder of the company.
According to ANI, Maran and Kal Airways had transferred their entire 350.4 million shares in SpiceJet, or 58.46% stake, to co-counder Singh in February 2015. Maran has alleged that despite giving around Rs 579 crore to SpiceJet, the airline didn't issue warrants or allot them tranche 1 or 2 of Convertible Redeemable Preference Shares. He further alleged that the amount was not used to pay statutory dues because of which they were facing prosecution, a PTI report said.
For the Rs 579 crore, in return, Maran and Kal Airways were slated to receive redeemable warrants, the ANI report says.
29/07/16 DNA
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