Monday, July 03, 2017

Delhi High Court directs SpiceJet to deposit Rs 579 crore

In a major setback to budget carrier SpiceJet, Delhi High Court has directed it to deposit Rs 579 crore in a dispute between the carrier's former promoters Marans and its co-founder Ajay Singh.

The court has directed the airline to deposit an amount of Rs 250 crore in cash and provide a bank guarantee of Rs 229 crore before the registrar on or before August 31.

The dispute involved former promoter and Sun Group chief Kalanithi Maran who has alleged that despite giving Rs 579 crore to SpiceJet, it failed to issue them the warrants or allot tranche 1 and 2 of convertible redeemable preference shares.

Maran also alleged that the amount was not utilised for paying statutory dues.
03/07/17 CNBC-TV18/moneycontrol