Sunday, July 02, 2017

Delhi High Court's order on SpiceJet-Maran share transfer row likely tomorrow

New Delhi: The Delhi High Court is likely to pronounce tomorrow its verdict on the pleas of budget carrier SpiceJetBSE 1.73 % and its co-founder Ajay Singh against a single judge order directing it to deposit Rs 579 crore in connection with a share transfer dispute with previous owner Kalanithi Maran.

The judgement is expected to be delivered by a bench of justices S Ravindra Bhat and Yogesh Khanna.

A division bench of the high court had in May reserved its decision on the pleas by the airline and Singh challenging the order which came on a civil suit by Sun Group chief Kalanithi Maran and his Kal Airways.

In their suit, Maran and his airline had sought issuance of stock warrants in SpiceJet to them as per a sale purchase agreement (SPA) of 2015 which led to transfer of ownership of the budget carrier to Singh.
02/07/17 PTI/Economic Times