The Supreme Court today stayed an order by the Delhi High Court directing SpiceJet Ltd to deposit 2.43 bln rupees in the ongoing arbitration case with the airline's erstwhile promoter Kalanithi Maran, the airline said in a filing to exchanges. The case relates to a dispute arising out of non-issuance of warrants in favour of Maran, after the ownership of the airline was transferred to co-founder Ajay Singh in 2015. The amount is the interest payable on 5.79 bln rupees that SpiceJet was ordered to deposit in 2017 as part of the dispute.
The airline had deposited the entire amount through a bank guarantee of 3.29 bln rupees and a deposit of 2.50 bln rupees, according to a report in financial daily Business Standard. As per the Delhi High Court, if the company failed to make the payment, Maran would have the right to approach the court and seek status quo on the shareholding of the company, effectively barring current promoter Ajay Singh from the stake sale.
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