Kalanithi Maran to seek Rs 1,323 crore in damages from SpiceJet
ownership battle of SpiceJet, Sun Group and its chief Kalanithi Maran on Monday said they will seek over Rs 1,323 crore in damages from SpiceJet and its chief Ajay Singh. This will be in addition to challenging the recent Delhi High Court order, which was in the airline's favour.
The ownership dispute between SpiceJet and Maran dates back to January 2015 when KAL Airways offered a 58.46% stake in SpiceJet to Singh.
On May 17, a division bench of the Delhi High Court had set aside its single judge order upholding an arbitral award that mandated SpiceJet and Ajay Singh to refund Rs579 crore with interest to Maran, bringing in relief for the cash-strapped carrier.
Following that order, SpiceJet last week said that it will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter and Maran and his company.
“On further consultation with their legal counsel, both KAL Airways and Kalanithi Maran have decided to challenge the recent judgement by Delhi High Court. They believe that the judgment is deeply flawed and warrants further scrutiny,” the Sun group said in a statement Monday.
In parallel, the group is also seeking damages in excess of Rs 1,323 crore, as determined by FTI Consulting LLP, United Kingdom, a firm that specialises in the estimation of losses arising out of breach of contractual commitments.
According to the Sun group, as part of a share transfer agreement signed in 2015 when Ajay Singh took over SpiceJet, Maran and KAL Airways had paid SpiceJet Rs 679 crore for
