Spicejet owner kalanithi maran

SpiceJet on Monday informed that it has made a payment of Rs The airline, in a statement, said it will pay the remaining Rs In July this year, a single judge bench upheld the award announced by the arbitration tribunal on July 20, in favour of Maran and his company Kal Airways, spicejet owner kalanithi maran.

Scheduled Carrier. Delhi International. The payment was made in two tranches earlier this week, finalising on September 12, two days after the September 10 deadline laid down by Delhi High Court. The low-cost carrier and its current majority owner and promoter, Ajay Singh, was ordered in August to make the payment, which comprises less than one-third of the INR3. In court on September 11, one day after the deadline had passed, the court gave SpiceJet 24 hours to complete the process. SpiceJet said the payments were slightly late due to bank holidays in India on September 9 and Warrants and preference shares promised to Maran did not materialise.

Spicejet owner kalanithi maran

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Curated By: Mohammad Haris. New Delhi, India. Spicejet Vs Kalanithi Maran. The Court also stated that they would grant an expedited hearing in the matter. The development comes a day after Spicejet and its promoter Ajay Singh approached the Delhi High Court challenging a single-judge order upholding an arbitral award asking them to refund Rs crore plus interest to media baron Kalanithi Maran. The appeals came up before a division bench of Justices Yashwant Varma and Dharmesh Sharma which initially listed it for hearing on September 15 as the counsel for Spicejet and Singh were not present. On July 31, the single judge had upheld the award announced by the arbitration tribunal on July 20, in favour of Maran and his company Kal Airways.

Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it. The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today. The scheme would be submitted to the Civil Aviation Ministry for approval. SpiceJet, which has been going through a turbulent patch, has been looking to infuse fresh capital as part of efforts to revive its sagging fortunes. Promoters, Maran and Kal Airways, hold Retail investors hold According to the filing, the board has further directed the company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the ministry for seeking approval.

Spicejet owner kalanithi maran

The court is scheduled to consider on the remaining amount on 3 October. In the execution of arbitration award, Maran had claimed that SpiceJet had forfeited its right to be heard, as it had wilfully disregarded the orders of the court. However, SpiceJet argued that immediate payment could push it into insolvency and will not be in interest of Maran, as he would be categorized as an operational creditor. SpiceJet informed the court that its deteriorating financials were the result of several factors, including the purchase of Boeing Max aircraft, which had to be grounded to comply with regulatory requirements, losses arising out of covid-led disruptions, and high fuel prices due to the Russia-Ukraine conflict. In , Maran transferred his stake in SpiceJet to Singh. Milestone Alert! Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed — it's all here, just a click away! Login Now! Looks like you have exceeded the limit to bookmark the image.

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SpiceJet also said its financial difficulties arose from various factors, including the purchase of Boeing Max aircraft which was disallowed from flying by regulators, losses due to the covid pandemic, and increased fuel prices due to the Ukraine conflict. Curated By: Mohammad Haris. It's Dara Khosrowshahi vs. Murasoli Maran father. SpiceJet has made a payment of Rs Worry not. You can now subscribe to our Economic Times WhatsApp channel. It seems like you're already an ETPrime member with Login using your ET Prime credentials to enjoy all member benefits Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits. The Financial Express. While the tribunal had asked Maran to pay Singh and the airline Rs 29 crore in penal interest, Singh was asked to refund Rs crore plus interest to Maran.

The remaining amount of Rs crore is reserved with the company in cash against which a bank guarantee has been given. Home Latest News. CNBC Awaaz.

Sign In now. On July 31, the single judge had upheld the award announced by the arbitration tribunal on July 20, in favour of Maran and his company Kal Airways. Archived PDF from the original on 9 November Become a subscriber today! Wait for it… Log in to our website to save your bookmarks. Unlock this story and enjoy all members-only benefits. On 14 April , he founded Sun TV. You can now subscribe to our Economic Times WhatsApp channel. SpiceJet said the payments were slightly late due to bank holidays in India on September 9 and Retrieved 28 January Bhavish Aggarwal again, as cab-hailing titans Uber and Ola lock horns. Free 14 day pass Perfect for a Great Start What we offer: Unlimited access for professionals No credit card required No commitment No long-term commitment.