SpiceJet Offers Rs 600 Crore for Settlement of the Dispute With Its Former Owner Kalanithi Maran
Supreme Court asked Kalanithi Maran to consider the settlement offer extended by the airline to end its long-drawn share-transfer dispute between the two sides.
- SpiceJet has offered to pay Rs 600 crore in cash to end the dispute with its former promoter Kalanithi Maran and KAL Airways.
- Shares of SpiceJet rose 5.6% in a day.
- The next hearing of the proceedings is scheduled for February 14, 2022.
India’s low-cost airline SpiceJet has offered to pay Rs 600 crore to settle the dispute with its former owner Kalanithi Maran and KAL Airways. Supreme Court, at which is the case is currently in progress, advised Maran to consider SpiceJet’s proposal and listed the case for the hearing on February 14, 2022. “SpiceJet has offered to pay Rs 600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes,” the airline said in a statement issued to the media after Supreme Court hearing. “Out of the principal amount of Rs 578 crore awarded in arbitration, SpiceJet has already paid Rs 308 crore in cash and deposited a bank guarantee of Rs.270 crore,” SpiceJet said in a statement released. The airline also agreed to convert the bank guarantee to cash and pay an additional Rs 22 crore to Maran. The impact of the settlement offer was seen in the shares of SpiceJet, which jumped 5.6% in a day.
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