According to a separate stock exchange filing by the company, Kalanithi Maran and Kal Airways have increased their holding in SpiceJet to 52.14 per cent.
Maran had clinched a deal in June to acquire a 37.7 per cent stake in the airline for about Rs 750 crore (Rs 7.5 billion) from American investor Wilbur Ross, his investment companies and the Kansagara family-promoted Royal Holding Services Ltd.
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.
Media magnate Kalanithi Maran is close to buying about 37 per cent equity in low cost carrier Spicejet at an estimated Rs 45 a share that would cost him about Rs 700 crore (Rs 7 billion).
Kalanithi Maran, the former promoter of Spicejet, has moved the Delhi High Court against the airline.
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.
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.
Dravida Munnetra Kazhagam's Lok Sabha MP Dayanidhi Maran has accused his brother Kalanithi Maran of "financial crimes," and asked him to restore the entire shareholding position of Sun TV and related companies to their original state or face legal and regulatory action.
Maran challenged reports that he and another company official have been summoned as accused by a Delhi court in two tax evasion cases
Maran had sought attachment of SpiceJet promoter Ajay Singh's shares by an administrator unless the payment was made.
Kalanithi Maran and another top company official have been summoned as accused by a Delhi court in two tax evasion cases.
Media reports in the UK claim that Indian-owned franchises plan to avoid signing Pakistan's player in the auction next month, fearing severe backlash by fans back home in India.
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.
We are only 9-10 months into the turnaround exercise: Maran
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The film's director Lokesh Kanagaraj and producer Kalanithi Maran took a collective decision to add a...
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.
Telugu star Allu Arjun and Tamil director Atlee are all set to collaborate on a film, backed by the production banner Sun Pictures.
Former Telecom Minister Dayanidhi Maran, his brother Kalanithi Maran and four others were on Friday chargesheeted by the Enforcement Directorate in the Special 2G court.
Assets include Kalanithi Maran's shares worth Rs 139 cr in Sun Direct.
The man who led this journey is 50-year-old Kalanithi Maran, chairman and managing director of the Sun Group.
Low-cost carrier SpiceJet has raised about Rs 100 crore (Rs 1 billion) by allotting 4.29 crore shares to promoter Kalanithi Maran at a price of Rs 23.18 per share.
Kalanithi had started Sun TV in 1993 with a team of 25, many of whom were his friends from college. In 2012, Forbes estimated his wealth at $2.8 billion. Was it all business acumen behind meteoric his rise? Find out
AG's view in the long-pending case related to the Aircel-Maxis deal has come in less than two months of the Narendra Modi government taking charge at the Centre.
SpiceJet, the low-cost air carrier, on Thursday got its shareholders' approval to issue additional equity shares to promoter Kalanithi Maran, who in turn will infuse Rs 130 crore (Rs 1.3 billion) into the airline. Maran's equity holding would go up from 38 per cent to 43 per cent of the company's shares.
This would be the third fund infusion in the airline by Maran since September 2011.
Maran had challenged the Madras High Court's July 25 decision setting aside a CBI court order discharging him in the case.
The 56-year-old judge, enrolled as an advocate in 1992, was appointed as an additional judge of the Allahabad high court on October 13, 2014 and took oath as a permanent judge of that court on February 1, 2016.
Former Telecom Minister Dayanidhi Maran has been questioned by the Central Bureau of Investigation in connection with the allegations that he had received Rs 547 crore as kickbacks from a Malaysian company in the controversial Aircel-Maxis deal.
Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 per cent to 22.05 per cent due to allotment of equity shares following conversion of convertible debentures.
Sunrisers Hyderabad CEO Kaviya Maran was dejected after her team were outclassed by Lucknow Super Giants on Friday.
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).
The shareholders didn't vote against a rise in the company's authorised share capital to Rs 1,000 crore (Rs 10 billion) or the reappointment of S Natrajhen as managing director.
SpiceJet board is likely to pass a resolution within three days after the court order.
SpiceJet would see a capital infusion of Rs 1,500 crore.
Board has also accepted the resignations of Marans.
Media tycoon Kalanithi Maran and his wife Kavery Kalanithi have retained the top two slots among the highly paid executives in the country.
The CBI had registered a case against former telecom minister Dayanidhi Maran, his brother MP Kalanithi Maran, Malaysian business tycoon and Maxis owner T Ananda Krishnan, and Maxis Director Ralph Marshall in October 2011.
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