The Supreme Court on Friday got irked over a lengthy judgement penned by a single judge bench of the Delhi high court in a case related to an arbitral award involving media baron Kalanithi Maran and SpiceJet, saying there was no "application of mind". Suggesting that the case be now transferred to another judge by the Delhi HC, the top court said the judgement "has to be carefully articulated" and "the judge must apply mind to grounds of challenge and then deduce if interference is warranted". The strong observations against the single judge bench came from a bench headed by Chief Justice D Y Chandrachud during the hearing of an appeal by Kalanithi Maran and Kal Airways against a Delhi high court order setting aside an arbitral award asking the SpiceJet to refund Rs 579 crore plus interest to the media baron and his firm.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
The Supreme Court on Tuesday said it would consider a joint request for mediation of low-cost airline SpiceJet and media baron Kalanithi Maran and his Kal Airways for amicably settling all pending disputes between them including the row over the share-transfer issue. A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29. Initially, Rohatgi sought four to six week time for settling all the issues between the parties.
In a disclosure to the Bombay Stock Exchange, Spicejet said that over 18.52 lakh equity shares of the company, pledged by Kal Airways have been released.
Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.
The Supreme Court has appointed its former judge P V Reddi to mediate the dispute between SpiceJet and its former promoter Kalinithi Maran, the airline said on Wednesday. The dispute dates back to 2015, when Maran sold his stake in SpiceJet of 58.46 per cent, or 50.4 million shares, to Ajay Singh for Rs 2 after the airline suffered financial trouble. A year later, Maran approached the Delhi high court, alleging a breach of agreement by Singh for not issuing him 189 million share warrants and preference shares despite Maran's Rs 679-crore infusion.
SpiceJet put one lakh seats up for grabs.
Board has also accepted the resignations of Marans.
SpiceJet board is likely to pass a resolution within three days after the court order.
'The government has assured us support.' 'The civil aviation ministry have told us that whatever we need, we will get prime airport slots and bilateral rights.'
Indian airline SpiceJet Ltd said on Thursday that its billionaire owner, Kalanithi Maran has proposed to transfer majority ownership in the ailing carrier to co-founder Ajay Singh.
Aiming to acquire a controlling stake in SpiceJet, media magnate Kalanithi Maran on Monday launched an open offer to acquire an additional 20 per cent stake in the no-frill airline for an estimated Rs 479.29 crore (Rs 4.8 billion).
BSE has sought clarification from the company with respect to the media report stating that Spicejet is to sell part/complete stake to an investor.
SpiceJet would see a capital infusion of Rs 1,500 crore.
The additional stake will cost the promoters Rs 312 crore (Rs 3.12 billion).
SpiceJet's chief operating officer Sanjiv Kapoor has resigned after two years of service.
Kalanithi Maran claims deal with Ajay Singh is dead; SpiceJet spokesperson says Maran's claims are baseless and false
Singh holds more than 36.15 crore shares.
Maran had sought attachment of SpiceJet promoter Ajay Singh's shares by an administrator unless the payment was made.
Ajay Singh would infuse Rs 1,500 cr in SpiceJet.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
Rate sensitive sectors were among the top gainers with Tata Motors and ICICI Bank leading the gains on the Sensex.
Maran's penchant for taking risks was visible last year again when he acquired Indian Premier League's Hyderabad cricket franchisee and named it Sun Risers.
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