The Delhi High Court has directed SpiceJet to cough up Rs 243 crore to the Marans in six weeks. If it doesn’t, the court says the Marans will be allowed to press their claims for status quo on the shareholding of the budget airline.
The ruling could jeopardise the plan to spin off the cargo business of the airline into a separate entity if promoter Ajay Singh refuses to comply.
The Marans had signed a share purchase agreement with Ajay Singh on January 29, 2015 and transferred their entire 58.46 per cent shareholding to the businessman who has since run the budget airline.
