Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Supreme Court has declined to interfere with an earlier direction requiring SpiceJet to deposit INR 144 Crore with the court as security while its appeal is heard. The dispute stems from a share transfer agreement involving promoter Ajay Singh, KAL Airways, and Kalanithi Maran. SpiceJet has already paid INR 730 Crore to the claimants — INR 580 Crore towards principal and INR 150 Crore towards interest. The company expects a potential refund of INR 449 Crore once the legal process concludes. Counter-claims of over INR 1,300 Crore in damages filed by KAL Airways and Kalanithi Maran have been rejected and dismissed, while SpiceJet's own claims for a refund are pending before the Delhi High Court, which has given a prima facie finding in its favour.
Shareholders should note that the INR 144 Crore deposit is not an immediate loss but is held by the court pending appeal, and SpiceJet's operations remain unaffected. The dismissal of INR 1,300+ Crore counter-claims and a favourable prima facie finding for SpiceJet at the Delhi High Court are positives, though the final outcome of the appeal will determine whether the company recovers the remaining INR 449 Crore.