Latest news with #KALAirways
Mint
6 days ago
- Business
- Mint
SC dismisses plea by KAL Airways, Maran seeking damages: SpiceJet
New Delhi, Jul 24 (PTI) SpiceJet on Thursday said the Supreme Court has dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over ₹ 1,300 crore and other claims. "With this order, the appeals of KAL Airways and Kalanithi Maran have been finally dismissed and the remaining issue to be decided by the Court is SpiceJet's appeal challenging the (i) interest levied which has also been substantially deposited by SpiceJet in the Court; and (ii) pre-mature refund of CRPS amount by the Arbitral Tribunal," the airline said in a regulatory filing. CRPS refers to Cumulative Redeemable Preference Shares. Maran and KAL Airways are former promoters of SpiceJet. The filing said the Supreme Court on Wednesday dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than ₹ 1,300 crore and other claims. "These assertions were already previously rejected by the Arbitral Tribunal, the Delhi High Court and then the Division Bench of Delhi High Court," it added. The case dates back to early 2015 when SpiceJet promoter Ajay Singh, who had owned the airline earlier, bought it back from Maran after it was grounded for months due to resource crunch. As part of the agreement, Maran and KAL Airways claimed to have paid SpiceJet ₹ 679 crore for issuing warrants and preference shares. However, Maran moved court in 2017, alleging SpiceJet had not issued convertible warrants and preference shares nor returned the money. It has been a long-standing share transfer dispute. Shares of SpiceJet were trading 1.84 per cent down at ₹ 39.55 apiece on the BSE.
News18
6 days ago
- Business
- News18
SC dismisses plea by KAL Airways, Maran seeking damages: SpiceJet
New Delhi, Jul 24 (PTI) SpiceJet on Thursday said the Supreme Court has dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over Rs 1,300 crore and other claims. 'With this order, the appeals of KAL Airways and Kalanithi Maran have been finally dismissed and the remaining issue to be decided by the Court is SpiceJet's appeal challenging the (i) interest levied which has also been substantially deposited by SpiceJet in the Court; and (ii) pre-mature refund of CRPS amount by the Arbitral Tribunal," the airline said in a regulatory filing. CRPS refers to Cumulative Redeemable Preference Shares. Maran and KAL Airways are former promoters of SpiceJet. The filing said the Supreme Court on Wednesday dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than Rs 1,300 crore and other claims. 'These assertions were already previously rejected by the Arbitral Tribunal, the Delhi High Court and then the Division Bench of Delhi High Court," it added. The case dates back to early 2015 when SpiceJet promoter Ajay Singh, who had owned the airline earlier, bought it back from Maran after it was grounded for months due to resource crunch. As part of the agreement, Maran and KAL Airways claimed to have paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran moved court in 2017, alleging SpiceJet had not issued convertible warrants and preference shares nor returned the money. It has been a long-standing share transfer dispute. Shares of SpiceJet were trading 1.84 per cent down at Rs 39.55 apiece on the BSE. PTI RAM DRR view comments First Published: July 24, 2025, 12:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
6 days ago
- Business
- Business Standard
Discovery Global Management exits SpiceJet, sells 2.2% stake for ₹119 crore
Global macro hedge fund Discovery Capital Management on Wednesday exited SpiceJet by selling its entire 2.2 per cent stake in the domestic carrier for₹ 119 crore through an open market transaction. The US-based Discovery Capital Management through its affiliate Discovery Global Opportunity (Mauritius) Ltd offloaded 3,11,53,621 shares, representing a 2.20 per cent stake in Gurugam-based SpiceJet, as per the bulk deal data on the BSE. The transaction was executed at an average price of ₹38.14 apiece, taking the total deal value to ₹118.82 crore. Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73 per cent stake in SpiceJet for ₹93.39 crore. The shares were picked up at an average price of ₹38.12 apiece. Following the stake buy, Plutus Wealth Management's holding in SpiceJet rose to 4.44 per cent from 2.71 per cent. Details of other buyers of SpiceJet shares could not be ascertained on the bourse. SpiceJet rose 5.75 per cent to close at ₹40.29 apiece on the BSE. On Wednesday, the Supreme Court dismissed a plea of KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore from SpiceJet in a long-standing share transfer dispute. A bench of Justices P S Narasimha and A S Chandurkar upheld the Delhi High Court's order of May 23 dismissing their plea on grounds of delay. KAL Airways and Kalanithi Maran had initially sought damages of over ₹1,300 crore during the arbitration proceedings. Maran and KAL Airways were former promoters of SpiceJet.
News18
6 days ago
- Business
- News18
Discovery Global Management exits SpiceJet, sells 2.2 pc stake for Rs 119 cr
New Delhi, Jul 23 (PTI) Global macro hedge fund Discovery Capital Management on Wednesday exited SpiceJet by selling its entire 2.2 per cent stake in the domestic carrier for Rs 119 crore through an open market transaction. The US-based Discovery Capital Management through its affiliate Discovery Global Opportunity (Mauritius) Ltd offloaded 3,11,53,621 shares, representing a 2.20 per cent stake in Gurugam-based SpiceJet, as per the bulk deal data on the BSE. The transaction was executed at an average price of Rs 38.14 apiece, taking the total deal value to Rs 118.82 crore. Meanwhile, Plutus Wealth Management bought 2.45 crore shares or 1.73 per cent stake in SpiceJet for Rs 93.39 crore. The shares were picked up at an average price of Rs 38.12 apiece. Following the stake buy, Plutus Wealth Management's holding in SpiceJet rose to 4.44 per cent from 2.71 per cent. Details of other buyers of SpiceJet shares could not be ascertained on the bourse. SpiceJet rose 5.75 per cent to close at Rs 40.29 apiece on the BSE. On Wednesday, the Supreme Court dismissed a plea of KAL Airways and Kalanithi Maran seeking damages of over Rs 1,300 crore from SpiceJet in a long-standing share transfer dispute. A bench of Justices P S Narasimha and A S Chandurkar upheld the Delhi High Court's order of May 23 dismissing their plea on grounds of delay. KAL Airways and Kalanithi Maran had initially sought damages of over Rs 1,300 crore during the arbitration proceedings. Maran and KAL Airways were former promoters of SpiceJet. PTI HG HG MR MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 23, 2025, 22:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
6 days ago
- Business
- The Hindu
SC dismisses KAL, Maran pleas against Delhi HC order in SpiceJet case
The Supreme Court on Wednesday dismissed special leave petitions filed by KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore from SpiceJet in a long-standing share transfer dispute. A Bench of Justices PS Narasimha and AS Chandurkar upheld the Delhi High Court's order of May 23. The High Court refused to condone their delay in filing appeals under Section 37 of the Arbitration and Conciliation Act, 1996 after concluding that they had been 'fence-sitting and were also guilty of deliberate and wilful concealment of facts from the court.' 'We find that on the basis of the material on record, the inference drawn by the Division Bench while refusing to condone the delay cannot be brushed away or that the conclusions drawn were without any basis. Hence, we are not inclined to interfere in exercise of jurisdiction under Article 136 of the Constitution. The special leave petitions are accordingly dismissed,' the order said. Mr. Maran and KAL Airways were former promoters of SpiceJet. The High Court had, in its May 23 order, criticised the former promoter of taking a 'calculated gamble' by delaying the filing and re-filing of their appeals. On May 17 last year, the Delhi High Court had quashed a Single Judge order of July 31, 2023 upholding an arbitral award asking SpiceJet and its promoter Ajay Singh to refund ₹579 crore plus interest to Mr. Maran. The dispute between SpiceJet and Mr. Maran dates back to January 2015 when KAL Airways offered a 58.46% stake in SpiceJet to Mr. Singh, the principal shareholder, chairman, and managing director of the airline, at a meagre price of ₹2 per share due to the airline's financial troubles.
