Spicejet-Maran dispute: `No settlement may very well be reached,’ home service tells SC 

Express News Service

NEW DELHI: The Supreme Court of India on Tuesday adjourned the listening to on the share switch dispute between home service Spicejet and Kalanithi Maran, media baron & former promoter of Spicejet. Senior advocate Mukul Rohatgi showing for Spicejet stated nothing got here out of the lengthy conferences.

“We tried. We had long meetings but unfortunately, I am told it is not possible to accept the offer. Please keep it next week for arguments.” he stated.
 
“We had apprehension about the interest. If something can be worked out then we are open.” Counsel for Maran stated.

The bench reiterated that one thing needs to be achieved concerning the curiosity.

The matter would now be heard subsequent week.

Last week, The Supreme courtroom had urged them to contemplate settling their share switch dispute. The Top Court’s comment got here after Rs 600 crore supplied by SpiceJet was not accepted by Maran as he’s in search of curiosity on this quantity which is round Rs 300 crore.

The controversy between the present and former promoters of the struggling airline dates again to 2015 when Maran and KAL Airways had transferred their 58.46% stake in SpiceJet to Ajay Singh for a token quantity of Rs 2.

Under the settlement, KAL Airways and Maran had been to obtain redeemable warrants and desire shares in return for the `679 crore which they spent on SpiceJet. Since then, the case has moved to the High Court, arbitration tribunal and now to the Supreme Court.