SpiceJet in dispute with Kalanithi Maran over ₹400 cr claim
SpiceJet is caught up in a money dispute with KAL Airways's owner, Kalanithi Maran.
Maran says SpiceJet owes him over ₹400 crore from an old deal, way more than the ₹144.5 crore the airline has been directed to deposit.
The argument goes back to 2015, when Maran sold most of his stake in SpiceJet to Ajay Singh, and things have been messy ever since.
SpiceJet says it paid ₹730 cr
Back then, Maran not only transferred his 58.46% stake in SpiceJet to Ajay Singh in January 2015 but also infused about ₹679 crore into SpiceJet through convertible warrants and preference shares.
Fast forward: SpiceJet says it has already paid about ₹730 crore to Maran and KAL Airways, including principal and interest.
With rising fuel costs making things harder, they've now offered up property papers as security instead of cash while the courts sort out how much interest (if any) they really owe.