Spicejet owner kalanithi maran

Kalanithi Maran is an Indian media mogul who is the chairman and founder of the Sun Group. He also held a major share in the Indian airline Spice Jet from to

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. On July 31, the single judge upheld the award announced by the arbitration tribunal on July 20, in favour of Maran and his company Kal Airways in a share transfer dispute. SpiceJet moved the high court, which rejected the plea and asked the airline to complete the payment. The case dates to January , when Singh, who owned the airline earlier, bought it back from Maran after it was grounded for months due to a resource crunch.

Spicejet owner kalanithi maran

SpiceJet on Friday moved a division bench of the Delhi high court seeking damages from Sun Group chairman Kalanithi Maran alleging a breach of contract by the latter. It also sought to overturn a single bench order in July that upheld the validity of an arbitration award in favour of the Marans. The single bench is hearing the execution of the arbitral award and is yet to decide on the payment schedule by the airline to Maran. In earlier proceedings, Maran had claimed SpiceJet had forfeited its right to be heard in court by wilfully disobeying orders. In response, SpiceJet argued that demanding immediate payment could push the airline into insolvency, which would not benefit the Marans, as they would become operational creditors. 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. The issue dates back to February , when Marans and Kal Airways transferred their entire shareholding in SpiceJet to Ajay Singh, the current chairman and managing director of the airline, after the carrier nearly went belly up in due to a severe cash crunch. SpiceJet, under Singh, never issues these warrants. Maran then approached the Delhi high court in , alleging SpiceJet had not issued convertible warrants and preference shares or returned the money. Milestone Alert!

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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

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Spicejet owner kalanithi 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. CNBC Bajar. Market Live. Mind Matters. Climate Clock. Marquee Nights.

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Continue reading with one of these options:. For reprint rights: Syndications Today. The tribunal, created in on the orders of the Delhi High Court to adjudicate the share transfer dispute, had held that there was no breach of a share sale and purchase agreement reached between Maran and current promoter Ajay Singh in late January Voice of Indian Sports - KreedOn. 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. Business Standard. Contact sales. Login Now. The Court also stated that they would grant an expedited hearing in the matter. Tools Tools. Services Advertising. Retrieved 2 September Energy Power.

Changing hands one more time, SpiceJet has earned a place in Indian corporate history. Though the story is still being scripted, the first few chapters could well prompt best-selling business fiction. In the 21 years since it flew in its first avatar, ModiLuft, four sets of promoters have brought in fresh capital and new ideas- each trying and make a success of it.

Market Research. You are just one step away from creating your watchlist! This will alert our moderators to take action Name Reason for reporting: Foul language Slanderous Inciting hatred against a certain community Others. Archived from the original on 24 January Your Reason has been Reported to the admin. In court on September 11, one day after the deadline had passed, the court gave SpiceJet 24 hours to complete the process. Retrieved 9 November Hello User. Read More. Mint Premium View Less -.