SpiceJet Chairman Ajay Singh Summoned By Delhi High Court For Second Time
The matter pertains to a 2015 agreement between Kalanithi Maran, Kal Airways, and Singh.
The Delhi High Court issued a summons for Ajay Singh, chairman and managing director of SpiceJet Ltd., on Monday.
Singh has been summoned to appear in court for the second time within a span of three months.
He received the initial summons in August, and now he must appear in court again on the upcoming date scheduled for the hearing.
The matter pertains to a 2015 agreement between Kalanithi Maran, associated with Sun TV Network Ltd., Kal Airways, and Singh, who was then the promoter of SpiceJet. According to the agreement, Maran transferred a 58.46% stake in SpiceJet to Singh.
However, Maran and Kal Airways never received the warrants and preference shares outlined in the deal. In 2018, an arbitral tribunal ruled in favour of Maran, granting him a reimbursement of Rs 579 crore along with interest.
Earlier, the Delhi High Court had issued a directive to Singh, instructing him to settle a total of Rs 100 crore with former promoter Maran by Sept. 10.
During a recent court hearing, Maran's lawyer, Maninder Singh, informed the court that SpiceJet was required to pay Rs 440 crore to them, representing interest arising from dues based on the arbitral award.
In response, Singh said that SpiceJet had made a payment of Rs 100 crore in September, but no further payments had been made since then.
