SpiceJet offers to INR 600cr in cash to former promoter to settle disputes
SpiceJet has offered to pay INR.600 crore in cash in the share transfer case with its former promoter, Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court yesterday.
Out of the principal amount of INR 578 crore awarded in arbitration, SpiceJet has already paid INR 308 crore in cash and deposited a bank guarantee of INR 270 crore. Mukul Rohatgi, Senior Counsel appearing for SpiceJet proposed to pay the bank guarantee equivalent amount of INR 270 crore in cash and top it up with additional INR 22 crore aggregating the total payout to INR 600 crore as full and final settlement of all disputes between the Parties.
The Court has advised the other side to consider the proposal of SpiceJet and has listed the matter for February 14. Earlier an arbitration tribunal consisting of three retired judges from the Supreme Court, Arijit Pasayat, Hemant Laxman Gokhale and KSP Radhakrishnan in a unanimous decision had rejected the damages claim of Kalanithi Maran and Kal Airways against SpiceJet.