Sunday, July 22, 2018

Kalanithi Maran to relaunch litigation to regain control of SpiceJet from Ajay Singh

SpiceJet’s former promoter, Kalanithi Maran of Sun Group, will contest the ruling of an arbitration panel that rejected his claim of damages and repossession of control of the airline after a bitter share transfer dispute.

Maran and his KAL Airways will move the Delhi High Court to pursue the more substantive claim under Section 65 of the Contract Act seeking restitution so as to regain control of the airline, Sun Group chief financial officer SL Narayanan told “We are in discussions with our lawyers and we believe we have a very strong case,” he said.

On Friday, the tribunal rejected Maran’s claim of damages of Rs 1,323 crore for not issuing warrants to him and KAL Airways, but awarded him a refund of Rs 579 crore plus interest. The tribunal, which was created in end 2016 on the orders of the Delhi High Court to adjudicate the share transfer dispute, held that there was no breach of a share sale and purchase agreement reached between Maran and current promoter Ajay Singh in January 2015.
22/07/18 CNBC TV18
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