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Maran ups the ante in SpiceJet dispute, seeks over Rs 1,323 cr in damages
The Business Guardian
|May 28, 2024
KALA AL Airways and its promoter, Kalanithi Maran, have announced plans to seek over Rs 1,323 crore in damages from SpiceJet and its chief, Ajay Singh, following a recent legal setback. This decision comes after the Delhi High Court overturned a prior order that had favoured Maran in a protracted dispute over a failed financial agreement, reported PTI.
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The dispute originates from 2015 when Ajay Singh, a former owner of SpiceJet, reacquired the airline from Maran after it faced severe financial difficulties. Maran and KAL Airways claimed they had paid SpiceJet Rs 679 crore for issuing warrants and preference shares as part of the acquisition deal. However, by 2017, Maran approached the Delhi High Court, alleging that SpiceJet had neither issued the convertible warrants and preference shares norreturned the money.
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