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SpiceJet demands Rs 450 cr refund from former promoter Maran
The Business Guardian
|May 23, 2024
Spice piceJet plans to reclaim Rs 450 crore from its former promoter Kalanithi Maran following a Delhi High Court decision last week in favor of the airline after a prolonged dispute over share transfers.
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According to a statement on Wednesday, the budget carrier stated it had previously disbursed Rs 730 crore to Maran's firm, KAL Airways - Rs 580 crore as principal and Rs 150 crore as interest based on a 2018 arbitration tribunal's directive upheld by a single-judge bench in 2023. However, a division bench of the Delhi High Court reversed this decision on May 17, clearing the way for SpiceJet to pursue the Rs 450 crore refund.
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