On May 17, the Division Bench of the Delhi High Court allowed an appeal by SpiceJet and its Chairman and Managing Director Ajay Singh, overturning a previous order that directed SpiceJet to refund over ₹270 crore to Sun Group promoter Kalanithi Maran and Kal Airways. The single judge bench order had upheld an arbitral award asking SpiceJet and Singh to refund ₹579 crore plus interest to Maran. Following the ruling, SpiceJet is now seeking a refund of ₹450 crore from Maran in a share transfer case.
#SpiceJet to seek refund of Rs 450 crore from promoter Kalanithi Maran https://t.co/jZxMFjalAH
#SpiceJet to seek Rs 450 cr #refund from erstwhile promoter #Maran following Delhi HC ruling https://t.co/mt0gdHrSr7
#SpiceJet to seek a refund of ₹450 cr from Kalanithi Maran Alert: #DelhiHC ruled in favour of co & Ajay Singh in share transfer case against former promoter https://t.co/MgKHRfnmA0
The #DelhiHighCourt on May 17 set aside a single judge bench order which had upheld an arbitral award asking #SpiceJet and its promoter Ajay Singh to refund ₹579 crore plus interest to media baron Kalanithi Maran. https://t.co/nK6WGvluYV
Division Bench of Delhi High Court allows appeal moved by SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh challenging single bench order directing SpiceJet to refund over Rs 270 crore to Sun Group promoter Kalanithi Maran and Kal Airways. Division Bench set…