Ajay Singh will team up with two blue-chip investors to bail out the airline
"I have repeatedly said I have done no wrong. A case related to this had come up before the Supreme Court last year and was heard by a bench headed by CJI T S Thakur, who had remarked that this case was made out because of political reasons," Maran, who was telecom minister between 2004 and 2007, said.
The agency, sources said, has issued the notices under the Prevention of Money Laundering Act (PMLA) and they have summoned the accused to examine them and record their statements.
Singh holds more than 36.15 crore shares.
In April 2013, CBI had first told the Court there were "some difficulties" in the probe after it went abroad.
He was chargesheeted for the offences punishable under section 120-B
Signalling an imminent change in SpiceJet's ownership, potential investors including co-founder Ajay Singh and US-based JPMorgan have begun discussions with markets regulator Sebi over their investment plan for the cash-strapped airline.
Crisis-hit SpiceJet hopedul of a turnaround.
The airline has reported 5th straight quarter of net losses for the July-September period, at Rs 310 crore
The combined pay for India Inc's top management was up 30 per cent in FY16, growing at the fastest pace in nine years
Declining urgent hearing, the top court observed that judges have more cases 'than they can handle'.
Chief Operating Officer, Sanjiv Kapoor will be leaving the company effective October 31, 2015 after two years with the organisation.
India's second largest budget carrier SpiceJet, which reported a record Rs 1,003 crore (Rs 10.03 billion) net loss last fiscal, may soon receive the much-needed capital infusion as talks with an overseas investor have reached "very advanced stages".
Ajay Singh would infuse Rs 1,500 cr in SpiceJet.
.jpg)
Officials in India's civil aviation ministry are now expected to meet SpiceJet stakeholders within a couple of days to discuss the revival plan
Amid reports of a possible stake sale, low-cost airline SpiceJet on Friday said it is exploring all options to mop up funds to overcome the cash crunch.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
The airline launched a three-day discounted sale of tickets starting at Rs 1,010, to mark its 10th anniversary
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
The airline has said it isn't worried about competition in the domestic market, thanks to its spread across three passenger segments
SpiceJet recently posted a loss of over Rs 1,000 crore (Rs 10 billion) for fiscal 2014.
Crisis-hit SpiceJet may get the first round of its much-needed fund infusion in the next two days, while more may come in a month's time as part of an estimated $200 million investment plan, sources said on Thursday.
It is not easy for an FMCG brand to make a comeback if it has been out of consumer's reckoning for some time. Moreover, a protracted battle between the owners and then closure of a large number of outlets at one go might have sent some very negative signals to many, says Sneha Bhattacharjee.
The sources indicated that the AAI, which had given time to SpiceJet till Monday to clear its dues, would not press the deadline and give the airline more time to pay up.
SpiceJet slumped slumped almost 14 per cent amid reports that the Airports Authority of India (AAI) has decided to withdraw credit facility to the low-cost carrier.
Indian budget airline SpiceJet has agreed to buy around 40 Boeing 737 passenger jets worth over $4 billion at list prices as it seeks to modernize its fleet and climb out of the red, industry sources said on Tuesday.
In aviation parlance, an 'interline arrangement' is a deal under which the same ticket covers different legs of the journey flown by different airlines.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon, sources said.
SpiceJet strts trimming workforce.
The ED said that Chidambaram has remained evasive and therefore grant of pre-arrest bail at this stage would be highly detrimental to the investigation.
Cash-strapped SpiceJet has cancelled over 1,800 flights across the country for the current month, in signs of mounting troubles for the budget airline.
SpiceJet promoter Kalanithi Maran would need to invest at least Rs 1,500 crore (Rs 15 billion) almost immediately to stabilise the airline.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
The father-son duo are in the radar of the probe agencies in another case concerning the Aircel-Maxis deal.
In a fresh trouble for the budget carrier SpiceJet, aircraft lessors have approached the aviation regulator DGCA, seeking its permission to repossess 11 Boeing planes of the airline, even as its revival plan is under review of the Civil Aviation Ministry.
Meanwhile, Minister of State for Civil Aviation Mahesh Sharma said that there was no question of any bail out to the beleaguered carrier
Likely to rake up the issue of open offer exemption.
A three-judge bench headed sought CCBI's response on Maran's plea and questioned its decision to arrest him.
It offers fares as low as Rs 1,499 for a one-way journey.
A consortium led by Ajay Singh is initially expected to invest Rs 1,200 cr, largely to cover liabilities.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances