The Delhi High Court on Monday dismissed SpiceJet‘s plea against a single judge order which had directed it to deposit Rs. 579 Crore in connection with a share transfer dispute with the previous owner Kalanithi Maran.
The court has ordered that Rs. 250 crore be paid by cash deposit till August 31 while a bank guarantees worth Rs. 229 crore will have to be submitted by 31st July. (These figures don’t add up to Rs. 579 crore, the total amount, and will certainly change in the written order. But for now, this information is the one dictated by the judge pronouncing the verdict).
In May, a division bench of the High Court had reserved its decision on the pleas of SpiceJet and its co-founder Ajay Singh challenging the order which came in a civil suit by Sun Group chief Kalanithi Maran and his Kal Airways.
In their suit, Maran and his airline had sought issuance of stock warrants in SpiceJet to them as per a Sale Purchase Agreement (SPA) of 2015 which led to the transfer of ownership of the budget carrier to Singh.