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SC asks SpiceJet & Marans to settle dispute

The Supreme Court of India on Thursday asked SpiceJet and Kalanithi Maran, to consider resolving their share transfer dispute. The Top Court’s comment came after Rs 600 crore presented by SpiceJet was not accepted by Maran as he is looking for interest on this sum which is around Rs 300 crore.

Chief Justice NV Ramana who headed the Supreme Court bench has now posted the case for hearing on April 12 and urged SpiceJet to consider paying the interest amount to Maran. The controversy between the current and previous promoter of the struggling carrier traces all the way back to 2015 when Maran and KAL Airways had moved their 58.46% stake in SpiceJet to Ajay Singh for a token amount of Rs 2. Under the arrangement, KAL Airways and Maran were to get redeemable warrants and inclination share as a trade-off for the ‘679 crore which they spent on SpiceJet. From that point forward, the case has moved to the High Court, arbitration tribunal and presently to the Supreme Court.

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