The country's big airline SpiceJet has got a big blow from the Delhi High Court. The Delhi High Court dismissed SpiceJet's petition seeking a stay on the order of the single judge while upholding the order of the Arbitral Tribunal. In which SpiceJet was directed to return more than 270 crores to Sun Group promoter Kalanithi Maran. According to the order of the Delhi High Court, now Kalanithi Maran will have to return Rs 270 crore.
Court said this
The division bench of Justice Yashwant Verma and Justice Dharmesh Sharma said that it cannot stay the order in view of the Supreme Court's direction dated February 13, 2023. The award was upheld.
Hearing the petition against the single judge's decision, the Division Bench of the Delhi High Court today dismissed the interim relief application, although the court issued notice on the appeal. Let us tell you that in July 2018, the arbitral tribunal had awarded SpiceJet to Kalanithi Maran. 270 crore was ordered to be returned.
The tribunal also ordered the airline to pay interest at 12% per annum on the amount paid for the warrant and 18% per annum on the amount paid to Maran for not paying the money in time.
This is the whole matter
This order was no less than a setback for SpiceJet, which registered a nearly 4-fold increase in income in the December quarter. So now he has challenged this order. Let us tell you that the dispute between Maran and SpiceJet started in 2015 when Ajay Singh bought back SpiceJet from Maran. Maran had given his 58.46% stake in the airline to Ajay Singh in 2015. However, as per the deal, Maran was to get redeemable warrants in lieu of the money invested by him during his tenure as the promoter of the airline. Maran was responsible for receiving 18 crore warrants, which meant a 26% stake in SpiceJet. But Maran neither got his share of money, nor Convertible Warrants nor Preference Shares.
Angered by this, Maran approached the Delhi High Court, which referred the matter to arbitration. Maran claimed that he had suffered a loss of more than 1300 crores. In 2018, the Arbitral Tribunal ordered SpiceJet to return 270 crores to Maran. In addition, the tribunal also asked SpiceJet to pay interest at the rate of 12% per annum on the amount paid for the warrants and 18% per annum on the amount paid to Maran for delay in transfer of funds. However, the tribunal did not find any violation of the share sale and purchase agreement between Maran and SpiceJet-Ajay Singh. The tribunal rejected Maran's demand for return of shareholding and the claim for damages.
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