SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter, Kalanithi Maran, and his firm, KAL Airways, for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court on Thursday.
SpiceJet in a statement said, “The Supreme Court on February 10 has asked Kalanithi Maran and KAL to consider a settlement offer proposed by the airline to end the long-drawn share-transfer dispute between the two sides. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore.”
“Mukul Rohatgi, Senior Counsel appearing for SpiceJet, proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with an additional ₹22 crore, aggregating the total payout to ₹600 crore as full and final settlement of all disputes between the parties,” SpiceJet said.
The matter is listed for hearing on February 14.
Earlier an arbitration tribunal consisting of three retired judges from the Supreme Court had rejected the damages claim of Maran and KAL Airways against SpiceJet, the statement added.
The dispute started after co-founder Ajay Singh took back control of the airline in February 2015 amid a financial crisis. Maran and KAL Airways had transferred their entire 350.4 million equity shares in SpiceJet, amounting to a 58.46 per cent stake in the airline, to Singh in February 2015 for ₹2 each.