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Media tycoon Kalanithi Maran and his airline KAL will approach the High Court (HC) of Delhi for a directive to restore it as a promoter of SpiceJet
. – the issuance of stock warrants by the airline company. The court last week ruled in favor of SpiceJet and its current chairman, Ajay Singh, saying the non-issuance of warrants could not be considered a violation of their prior agreement.
Sources close to Maran said they had partially won because the court also asked SpiceJet to repay 5.79 billion rupees, the subscription amount that Maran issued for the warrants and the preference shares (24% of capital). . However, the HC would request the return of the property of the airline to Maran and KAL
"We had requested the refund of the money of the application paid for the issuance of warrants and of Since neither Spicejet nor any of them has been awarded and repayments are not expected, we have had recourse to legal recourse. Advocacy was accepted by the panel of arbitrators and it was ordered that these amounts be repaid in full, along with accrued interest, "said SL Narayanan, financial director of Maran's group Sun.
in favor of SpiceJet, rejects Maran's request for Rs 13-bn
Adding: "Our fundamental principle is the restitution doctrine that should apply in the present case, since SpiceJet has awarded its inability to honor its contractual commitments one of the impossibility of performance. Therefore, as a natural corollary, we believe that former promoters should be reinstated in their previous position with respect to the stock transfer transaction.
Maran sold his 58.46% stake in SpiceJet to Ajay Singh for a par value of 2 rupees. 2015, after a financial crisis, Maran accuses SpiceJet of failing to agree to not granting him 189 million stock warrants and preferred shares despite his injection of 6, Rs 79 billion
The warrants could not be issued The court ruled that Maran was entitled to a refund of Rs. 5.79 billion, while Maran had actually claimed Rs.13.23 billion. rupees, arguing the loss due to the non-issuance of money orders. he decided that SpiceJet did not violate the agreement.
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He also asked both sides to see if the preference share could be issued to Maran , provided that it meets certain conditions of the agreement. Maran will be entitled to an additional refund of 2.7 billion rupees if there is no agreement on the issue of preferred shares. The amount of the refund is lower because the court allowed a counterclaim from the airline.
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