The former owner of the airline, Maran, sought damages of Rs 1,323 crore for not issuing convertible warrants and preference shares to him and Kal Airways. The case dates back to January 2015, when Singh, who owned the airline earlier bought it back from Maran after being grounded for months.
Earlier in July, the Supreme Court had directed SpiceJet to pay the entire arbitral amount of Rs 380 crore to Maran. The business must be carried out with ‘commercial morality’, the apex court had observed.
In February 2015, Maran and KAL Airways had transferred their entire 58.46% stake in the airline to Singh. In 2017, Maran and KAL Airways moved Delhi High Court demanding that 180 million warrants redeemable as equity shares be transferred to them.
(More to come)
