SC asks SpiceJet to pay ₹579 crore in KAL dispute

NEWDELHI: The Supreme Court on Friday rejected SpiceJet Ltd’s appeal and directed the airline to deposit ₹579 crore in a share transfer dispute with Kalanithi Maran and his KAL Airways. A bench headed by justice Rohinton F Nariman upheld a July 3 Delhi high court order directing SpiceJet to deposit ₹250 crore in cash and ₹329 crore by way of a bank guarantee with the court towards the disputed amount on or before August 31. The case relates to a dispute arising out of non-issuance of warrants in favour of KAL Airways’s non-executive chairperson Maran after the transfer of SpiceJet’s ownership to Ajay Singh. Maran and KAL Airways had transferred 58.46% stake in SpiceJet to its co-founder Ajay Singh in February 2015.