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SpiceJet will pay Kalanithi Maran Rs 100 crore today

Sep 12, 2023

By: BlinkX Research Team

According to the Delhi High Court's instructions, SpiceJet stated on September 11 that it would "complete the payment of Rs 100 crore" to erstwhile promoter Kalanithi Maran by September 12.

The airline said in a statement that it had already "made a payment of Rs 77.5 crore" to Maran and that it will make another payment of Rs 22.5 crore by "tomorrow".

Ajay Singh, SpiceJet's chairman and managing director (CMD), and the business have till September 12 to pay Maran Rs 100 crore, according to a ruling made by the Delhi High Court earlier in the day.

Singh acquired the approximately Rs 1,500 crore in liabilities of SpiceJet in February 2015 after Maran and KAL Airways, his investment entity, surrendered their 58.46 percent ownership of the airline to Singh.

As part of the agreement, Maran and KAL Airways said they paid SpiceJet Rs 679 crore for issuing warrants and preference shares. Maran alleged that the warrants and preference shares were not allotted and initiated arbitration proceedings against SpiceJet and Singh.