The dispute over transfer of preferential shares remains and the high court will hear it on April 7. He owns television channels, newspapers, weeklies, FM Radio stations, DTH services and a movie production house. CHENNAI: The Kalanithi Maran-owned SpiceJet is looking for a strategic partner, and not a financial investor, to help improve efficiency, an official said at the sidelines of its annual general meeting in Chennai Wednesday.
The Supreme Court today dismissed budget carrier SpiceJet's plea in connection with a share transfer dispute with its previous owner Kalanithi Maran. KAL Airways Pvt Ltd and Kalanithi Maran, former promoters of low-cost carrier SpiceJet, have said their share purchase agreement (SPA) executed two years ago with Ajay Singh, now chairman of the airline, to sell Spicejet for Rs 2, has become void. Singh along with Bhupendra Kansagra acquired and rebranded ModiLuft in 2005 which was earlier owned by SK Modi and Lufthansa.Singh was a Director of SpiceJet Ltd until 27 August 2010, after which he … Shares of the SpiceJet gained three percent to close at Rs 18.65 on the BSE while its value was around Rs 1,000 crore. An arbitration tribunal has rejected the claim of former SpiceJet owner Kalanithi Maran and his company KAL Airways for Rs 1,323 crore as damages from SpiceJet. 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. Get instant notifications from Economic Times AllowNot now Business Standard Digital - 12 Months Choose your reason below and click on the Report button. Single Seamless Sign-up to Business Standard Digital Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets acceptedExclusive Invite to select Business Standard events Choose your reason below and click on the Report button. Co-founder Ajay Singh could not immediately be reached for a comment.Singh, who helped set up the low-cost airline in 2005, had been expected to submit a rescue plan for SpiceJet, country's Maran and his KAL Airways Private Ltd own nearly 59 per cent of SpiceJet, assuming the full conversion of warrants and securities, according to Bombay Stock Exchange data.

SpiceJet was forced to ground its fleet briefly last month after it ran out of cash to pay creditors and its majority owner, Kalanithi Maran's Sun Group, said it … Ex-promoter Kalanithi Maran and promoter Ajay Singh start SpiceJet dogfight Never miss a great news story! The company had said on Sunday that the arbitral tribunal has ruled in favour of SpiceJet with regard to disputes with former SpiceJet owner Kalanithi Maran and KAL Airways Pvt Ltd (claimants). The tribunal was constituted by the Delhi High Court in 2016 when applications under the Arbitration and Conciliation Act were moved for seeking various interim reliefs. For reprint rights: Ex-promoter Kalanithi Maran and promoter Ajay Singh start SpiceJet dogfightGovt deciding pricing of Vande Bharat flights for private carriers: Ajay SinghWe should use this crisis to fix anomalies in aviation sector: Ajay SinghAirlines talking to govt for help: SpiceJet CMD Ajay SinghAviation sector to be severely affected if demand collapses due to coronavirus: Ajay SinghCovid crisis the perfect opportunity to turn Indian aviation around: SpiceJet's Ajay SinghSpiceJet chief Ajay Singh pledges 1.67 crore sharesIt is purely a legal problem between the buyer and seller which the court is competent to deal with.

The reason, they said, was the airline's failure to allot the agreed 23 per cent of fully diluted equity capital die to regulatory approvals. SpiceJet said on Thursday that Ajay Singh, who helped found the airline in 2005, has agreed to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group. "We need a strategic partner who can bring best practices, improve our efficiency," said Sun Group CFO S L Narayanan.This statement comes … Ex-promoter Kalanithi Maran and promoter Ajay Singh start SpiceJet dogfight Never miss a great news story! The co-founder of airline SpiceJet Ltd has agreed to buy out its billionaire owner, the first part of an effort to turn round the fortunes of … T wo days after erstwhile owner Kalanithi Maran dragged SpiceJet to … Business Standard is happy to inform you of the launch of "Business Standard Premium Services"As a premium subscriber you get an across device unfettered access to a range of services which include:Welcome to the premium services of Business Standard brought to you courtesy FIS.Pay using Master/Visa Credit Card & ICICI VISA Debit CardAuto renewed (subject to your card issuer's permission) Kalanidhi Maran, founder and head of Sun TV Network; ex-owner of SpiceJet Airline and owner of Sunrisers Hyderabad IPL Team Natarajan Chandrasekaran , Chairman of Tata & sons Subramaniam Ramadorai , adviser, Prime Minister of India KAL Airways Pvt Ltd and Kalanithi Maran, former promoters of low-cost carrier SpiceJet, have said their share purchase agreement (SPA) executed two years ago with Ajay Singh, now chairman of the airline, to sell Spicejet for Rs 2, has become void.



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