SpiceJet offers Rs600 crore in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways; Stock spurts 4.5%

10 Feb 2022 , 03:20 PM

SpiceJet Limited has offered to pay Rs600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court today.

The company said in a press release that out of the principal amount of Rs578 crore awarded in arbitration, SpiceJet has already paid Rs308 crore in cash and deposited a bank guarantee of Rs270 crore. Mukul Rohatgi, Senior Counsel appearing for SpiceJet proposed to pay the bank guarantee equivalent amount of Rs270 crore in cash and top it up with additional Rs22 crore aggregating the total payout to Rs600 crore as full and final settlement of all disputes between the Parties.

The Court has advised the other side to consider the proposal of SpiceJet and has listed the matter on February 14, 2022. Earlier an arbitration tribunal consisting of three retired judges from the Supreme Court, Arijit Pasayat, Hemant Laxman Gokhale and KSP Radhakrishnan in a unanimous decision had rejected the damages claim of Kalanithi Maran and Kal Airways against SpiceJet, company said.

Towards close of trade on Thursday, SpiceJet Ltd was trading at Rs63.20 per share up by Rs2.7 or 4.46% from its previous closing of Rs60.50 per share on the BSE. The scrip opened at Rs60.55 and has touched a high and low of Rs63.80 and Rs60.20 respectively.