SpiceJet Pays Rs 62.5 Crore To Kalanithi Maran, Court Tells Airline To Pay Rest By Tomorrow
Earlier, the court had instructed SpiceJet's Chairperson Ajay Singh to pay Rs 100 crore to Maran by Sept. 10.
SpiceJet Ltd. told the Delhi High Court on Monday that it had already paid Rs 62.5 crore out of the Rs 100 crore owed to former promoter Kalanithi Maran.
The court has asked the airline to pay the remaining Rs 37.5 crore by Tuesday.
Maninder Singh, who was appearing on behalf of Maran, submitted that the airline failed to pay the amount owed despite having had time since Aug. 24.
Earlier, the court had instructed SpiceJet's chairperson, Ajay Singh, to pay Rs 100 crore to Maran by Sept. 10. It emphasised that this payment was essential to demonstrate Singh's genuine intent to settle his dues with the Marans.
The dispute originated from a 2015 agreement between Maran and Singh. Maran, who is associated with Kal Airways, had transferred their 58.46% stake in SpiceJet to Singh.
This agreement also included provisions for Maran and Kal Airways to receive warrants and preference shares, which were never issued.
In 2018, an arbitral tribunal awarded Maran a reimbursement of Rs 579 crore along with interest. To ensure interest on the amount, the high court instructed the airline to deposit approximately Rs 243 crore during the execution of these judgements.
