iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

SpiceJet rejects ₹1,323 Crore claim from KAL, Kalanithi Maran

28 May 2024 , 01:12 PM

SpiceJet has rejected the ₹1,323 Crore claim  that former promoter Kalanithi Maran and KAL Airways have made against the company. Maran and KAL claim that they had injected Rs 677 crore in SpiceJet against issuance of preference shares and warrants. These warrants and preference shares were never issued, they claim.

SpiceJet stated in a stock exchange statement that “these assertions are not only legally untenable, but also a regurgitation of previously rejected claims by the Arbitral Tribunal and then the Delhi High Court.”

SpiceJet’s stock dropped during trading and was down roughly 1.9% as of 13:08 p.m., while the benchmark indices were trading flatly with a slight bias.

When Singh was offered a 58.46% share in SpiceJet by KAL Airways in January 2015, that is when the ownership battle between SpiceJet and Maran began.

On Monday, Maran and KAL Airways announced their intention to sue SpiceJet, helmed by Ajay Singh, for damages exceeding ₹1,323 Crore. They added that they would contest the most recent Delhi High Court ruling in the ongoing conflict between the two parties.

A division bench of the court overturned a single judge bench ruling that had maintained an arbitral verdict on May 17, demanding that SpiceJet and its promoter, Ajay Singh, reimburse Maran with interest totaling ₹579 Crore.

The panel granted Singh and SpiceJet’s appeals contesting the July 31, 2023, judgement of the single judge and remanded the case to that court so that the petitions contesting the arbitral award could be considered again.

In response to that ruling, SpiceJet announced last week that it would like a reimbursement of ₹450 Crore from the ₹730 Crore it had previously paid to Sun Group chairman and erstwhile promoter Kalanithi Maran and his company.

For feedback and suggestions, write to us at editorial@iifl.com

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/

Related Tags

  • KAL
  • Maran
  • spicejet
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.