Kalanithi Maran, owner of Sun Group and ex-promoter of SpiceJet, has moved Delhi High Court (HC), seeking attachment of SpiceJet promoter Ajay Singh’s shareholding after the airline failed to deposit Rs 243 crore in favour of Sun Group chairman.
The case predates to 2017 and relates to a dispute arising out of non-issuance of warrants in favour of Maran, after transfer of ownership to Ajay Singh — the current promoter of SpiceJet.
In September, Delhi HC had asked SpiceJet to deposit an additional Rs 243 crore. The court had then said that if the amount was not deposited within six weeks, Maran had the right to seek status quo on SpiceJet’s shareholding. It meant the company would not be able raise new capital from the market through issuance of fresh shares or stake sale.
