New Delhi, Jul 24 (PTI) SpiceJet on Thursday stated the Supreme Court docket has dismissed the attraction filed by KAL Airways and Kalanithi Maran searching for damages of over ₹1,300 crore and different claims.
“With this order, the appeals of KAL Airways and Kalanithi Maran have been lastly dismissed and the remaining difficulty to be determined by the Court docket is SpiceJet’s attraction difficult the (i) curiosity levied which has additionally been considerably deposited by SpiceJet within the Court docket; and (ii) pre-mature refund of CRPS quantity by the Arbitral Tribunal,” the airline stated in a regulatory submitting.
CRPS refers to Cumulative Redeemable Choice Shares.
Maran and KAL Airways are former promoters of SpiceJet.
The submitting stated the Supreme Court docket on Wednesday dismissed the attraction filed by KAL Airways and Kalanithi Maran searching for damages of greater than ₹1,300 crore and different claims.
“These assertions have been already beforehand rejected by the Arbitral Tribunal, the Delhi Excessive Court docket after which the Division Bench of Delhi Excessive Court docket,” it added.
The case dates again to early 2015 when SpiceJet promoter Ajay Singh, who had owned the airline earlier, purchased it again from Maran after it was grounded for months as a result of useful resource crunch.
As a part of the settlement, Maran and KAL Airways claimed to have paid SpiceJet ₹679 crore for issuing warrants and choice shares.
Nevertheless, Maran moved court docket in 2017, alleging SpiceJet had not issued convertible warrants and choice shares nor returned the cash. It has been a long-standing share switch dispute.
Shares of SpiceJet have been buying and selling 1.84 per cent down at ₹39.55 apiece on the BSE.