Maran Loses Rs 1,323-cr Arbitration Against Spicejet; But Gets Rs 571 Cr Refund


An arbitration tribunal has rejected the Rs 1,323-crore damages claim from Spicejet and a bid to take control of the airline by its previous owner Kalanithi Maran and his company Kal Airways, after a bitter share transfer dispute.

The Delhi-based low-cost carrier has informed the exchanges that on July 20, an arbitration tribunal rejected Maran’s claim of damages of Rs 1,323 crore for not issuing convertible warrants and preference shares to him and Kal Airways.

The case dates back to January 2015, when Singh, who owned the airline earlier bought it back from Maran after being grounded for months.

The tribunal consisted of three retired judges from the Supreme Court, Arijit Pasayat, Hemant Laxman Gokhale and KSP Radhakrishnan. The arbitration proceedings were concluded in April 2018 and the arbitral award was unanimous.

You may also read!

Indian Navy to adopt high tech approach to detect and deter maritime threats in the Indian Ocean Region

In line with Prime Minister Narendra Modi’s vision towards Security and Growth of all in the Region (SAGAR, the

Read More...

Dubai-based Accused in VVIP Chopper Case Moves for Anticipatory Bail

A Dubai-based businessman and accused in a money laundering case connected with the Rs 3,600-crore VVIP chopper deal moved

Read More...

Naxals Following in Footsteps of Veerappan to Expand Base at Tri-Junction of Kerala, Karnataka, Tamil Nadu

Naxals are on the verge of creating a ‘consolidated front’ on the Western Ghats and to do this they

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu