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.