Since the amount wasn’t deposited, Maran moved Delhi HC, seeking restraint on Singh from transferring or pledging the company’s shares.
Maran had also sought attachment of Singh’s shares by an administrator unless the payment was made.
However, a SpiceJet spokesperson confirmed that the company has moved Supreme Court (SC) against the original order of Delhi HC.
“We have moved SC saying that the very basic premise under which Maran had moved court again despite a ruling from the arbitration was wrong. The company has challenged the interest obligations and rights,” said a SpiceJet executive, adding it expects the case to be heard by the SC soon.
Maran had sold his entire 58.46 per cent stake, amounting to 350.4 million shares in SpiceJet, to Singh, its current owner, for a nominal Rs 2 in 2015, after a financial crunch crippled its operation, leading to a change in ownership of the airline.
The two sides have since been locked in litigation, with Maran accusing SpiceJet and Singh of breach of agreement for not issuing him 189-million share warrants and preference shares, despite his Rs 679-crore infusion. He claimed Rs 1,300 crore from SpiceJet and Singh due to this.
The warrants, if converted into equity, would have given Maran and his KAL Airways a 24 per cent stake in the airline. SpiceJet contended these could not be issued, as they did not get the BSE’s approval.
Subsequently, in July 2018, an arbitration tribunal ruled in SpiceJet’s favour, rejecting Maran’s Rs 1,300-claim for loss on account of non-issuance of share warrants.
However, Maran will be entitled to a refund of Rs 579 crore — the subscription amount he made for warrants and preference shares.
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