As per the media reports on May 22 the company said it will seek a refund of Rs 450 crore out of the Rs 730 crore it had previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s May 17 order.
As per the reports on May 17, the Division Bench of the Delhi HC ruled in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice. As per the reports SpiceJet has paid a total of Rs 730 crore, comprising Rs 580 crore in principal along with an additional Rs 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of Rs 450 crore. SpiceJet and Ajay Singh had challenged many portions of the award, including the direction to refund ₹270 crores to KAL Airways and Maran and the imposition of 12% interest on warrants and 18% interest on the awarded amount. They argued that these portions of the award were unjustified and sought their annulment.
After the company’s announcement on May 22, the shares of India’s low cost airline SpiceJet Limited were registering a rise of 3% and the shares of the company with a market cap of about Rs 4910 crore had reached the level of Rs 62.70. SpiceJet Limited is a leading company in the country’s low cost airlines business, whose 52 week high level of shares is Rs 73.60 while 52 week low level is Rs 22.65.
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