SpiceJet deposits Rs250 crore in share transfer dispute with Kalanithi Maran
SpiceJet deposited Rs250 crore with the registrar general of the Delhi HC in compliance with a Supreme Court order related to a share-transfer dispute with Kalanithi Maran
New Delhi: SpiceJet Ltd has deposited Rs250 crore with the registrar general of the Delhi high court in compliance with a Supreme Court order related to a share-transfer dispute, the airline said.
“With the deposit of above said Rs250 crore and furnishing of bank guarantee of Rs329 crore on August 14, 2017 with the Registrar General of High Court of Delhi...the interim order...restraining the company and Mr. Ajay Singh (promoter) from allotting/ transferring/issuing/alienating and/or creating any third party interest and/or encumbrance on any shares of Mr. Ajay Singh, stands vacated,” the airline said in a filing to the BSE on Thursday.
The airline has raised this additional Rs250 crore capital from an external source, said a company official who did not wish to be named.
“This frees us from the boundations of raising capital as we want,” this person said referring to a previous order that prevented it.
The court had asked the airline to furnish a bank guarantee of Rs329 crore and a deposit of Rs250 crore in a share transfer dispute with Kalanithi Maran and his KAL Airways.
The case relates to a dispute arising out of non-issuance of warrants in favour of KAL Airways’s non-executive chairperson Kalanithi Maran, after transfer of ownership to Ajay Singh, the current controlling shareholder of SpiceJet.
Maran and KAL Airways had transferred their entire 58.46% stake in SpiceJet, amounting to 350.4 million shares, to its co-founder Singh in February 2015, leading to a change in ownership of the airline.
Under the share-purchase agreement, KAL Airways and Maran were to receive redeemable warrants in return for the Rs690 crore they spent on SpiceJet towards operating costs and debt payments.
On Thursday, shares of SpiceJet rose 0.28% to Rs145 on BSE, while the Sensex gained 0.17% to 32,241.93 points.
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