The Delhi High Court on Monday kept its order pending on a plea of Sun group head Kalanithi Maran seeking issuance of stock warrants in Spicejet to him and his Kal Airways Pvt Ltd (KAL) as per a sale purchase agreement which led to change in ownership of the budget airline.
The court, which initially proposed to pass an interim order, later kept it on hold till tomorrow after the counsel for the airline expressed certain reservations regarding it and sought time to get instructions from his client Spicejet.
Justice Manmohan Singh, in the proposed interim order, had given suggestions to resolve the share transfer dispute between Spicejet and Maran after the airline on Monday placed before the bench the draft resolution, passed by its board for issuing the stock warrants to Maran and KAL.
During the hearing, after perusing the draft resolution, the judge had orally said he would in his order suggest the airline to pass the final resolution within three days. Both sides would then be asked to together move the Bombay Stock Exchange (BSE) for approving the resolution as an approval from the bourse was required to issue the stock warrants, the court said.
14/03/16 PTI/Daily News & Analysis
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The court, which initially proposed to pass an interim order, later kept it on hold till tomorrow after the counsel for the airline expressed certain reservations regarding it and sought time to get instructions from his client Spicejet.
Justice Manmohan Singh, in the proposed interim order, had given suggestions to resolve the share transfer dispute between Spicejet and Maran after the airline on Monday placed before the bench the draft resolution, passed by its board for issuing the stock warrants to Maran and KAL.
During the hearing, after perusing the draft resolution, the judge had orally said he would in his order suggest the airline to pass the final resolution within three days. Both sides would then be asked to together move the Bombay Stock Exchange (BSE) for approving the resolution as an approval from the bourse was required to issue the stock warrants, the court said.
14/03/16 PTI/Daily News & Analysis
