Thursday, October 22, 2020

Kalanithi Maran moves Delhi HC against non-payment of Rs 243 cr by SpiceJet



New Delhi: Kalanithi Maran, owner of Sun Group and ex-promoter of SpiceJet, has moved Delhi High Court (HC), seeking attachment of SpiceJet promoter Ajay Singh’s shareholding after the airline failed to deposit Rs 243 crore in favour of Sun Group chairman.

The case predates to 2017 and relates to a dispute arising out of non-issuance of warrants in favour of Maran, after transfer of ownership to Ajay Singh — the current promoter of SpiceJet.

Kalanithi Maran moves Delhi HC against non-payment of Rs 243 cr by SpiceJet

In September, Delhi HC had asked SpiceJet to deposit an additional Rs 243 crore. The court had then said that if the amount was not deposited within six weeks, Maran had the right to seek status quo on SpiceJet’s shareholding. It meant the company would not be able raise new capital from the market through issuance of fresh shares or stake sale.

Since the amount wasn’t deposited, Maran moved Delhi HC, seeking restraint on Singh from transferring or pledging the company’s shares.

Maran had also sought attachment of Singh’s shares by an administrator unless the payment was made.

However, a SpiceJet spokesperson confirmed that the company has moved Supreme Court (SC) against the original order of Delhi HC.

“We have moved SC saying that the very basic premise under which Maran had moved court again despite a ruling from the arbitration was wrong. The company has challenged the interest obligations and rights,” said a SpiceJet executive, adding it expects the case to be heard by the SC soon.

Maran had sold his entire 58.46 per cent stake, amounting to 350.4 million shares in SpiceJet, to Singh, its current owner, for a nominal Rs 2 in 2015, after a financial crunch crippled its operation, leading to a change in ownership of the airline.

22/10/20 Arindam Majumder/Business Standard

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