Latest news with #KALAirways
New Indian Express
26-05-2025
- Business
- New Indian Express
Delhi HC dismisses Kalanithi Maran's appeal seeking Rs 1,300 crore from SpiceJet
MUMBAI: The Delhi High Court dismissed KAL Airways and businessman Kalanithi Maran's appeal seeking over Rs 1,300 crore in damages from SpiceJet. The appeal was previously rejected by an Arbitral Tribunal and later by a Single-Judge Bench of the High Court. 'These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court. It is important to clarify that KAL Airways and Kalanithi Maran initially sought damages of more than Rs 1300 crore during the arbitration proceedings. These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges,' said SpiceJet on Monday. Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the court, added SpiceJet. The ruling, dated May 23, 2025, was disclosed by the airline in a regulatory filing on Monday. The dispute between the two parties date back to February 2015 when Maran and KAL Airways had transferred their 58.46% stake in SpiceJet to Singh for Rs 2.
Time of India
26-05-2025
- Business
- Time of India
Delhi HC grounds Maran's ₹1,323-crore damages claim in SpiceJet dispute
In a breather to cash-strapped SpiceJet , the Delhi High Court has dismissed an appeal filed by KAL Airways and its owner Kalanithi Maran seeking ₹1,323 crore damages from the budget airline in a long-standing share transfer dispute. The court said that the former promoter had engaged in a "calculated gamble" by delaying the filing and re-filing of their appeals. SpiceJet shares rose 1.96% to ₹44.69 per share on BSE at the close of the market following dismissal of the appeal. A division bench of justices C Hari Shankar and Ajay Digpaul came down heavily on KAL and Maran for the delay in filing their appeal, suppressing material facts related to their pending applications and for unjustifiably delaying the proceedings. "The delay in refiling is completely lacking in bona fides and represents a gamble by the unsuccessful litigant (KAL Airways) keeping all, including the successful litigant (SpiceJet), in the dark," the court said. The court also found KAL and Maran's conduct to be lacking in bona fides, amounting to "fence sitting" and deliberate concealment. The court said that while delay in refiling is generally treated more liberally than delay, this approach cannot be extended where the delay is not bona fide. "Limitation is a statute of equity and repose, and if the delay, whether in filing or refiling, is found to be lacking in bona fides, it has to be sternly dealt with", the bench said, noting a total absence of good faith. "The case presents a classic example of fence sitting, keeping, in the process, the respondents (Spicejet), the division bench of this court, as well as the Supreme Court, completely in the dark regarding the filing of the present FAOs, and of their languishing under objections," the court said. On July 20, 2018, the arbitral tribunal had rejected Maran's claim of damages of ₹1,323 crore for not issuing warrants to him and KAL Airways but awarded him a refund of ₹579 crore with interest. Both sides challenged the arbitral award and the petitions were dismissed by a single judge of the Delhi High Court in July 2023. SpiceJet and its chairman Ajay Singh promptly appealed against the dismissal within the statutory 60-day period. Their appeals were heard and in May last year, the division bench found merit in SpiceJet's contentions and remanded the matter back to the single judge for fresh consideration. Following this, KAL Airways and Maran appealed to the single-judge bench seeking the same amount in damages, which was also rejected by the court. Even the appeals were filed after 55 days of delay and also failed to cure procedural defects for another 226 days. The case relates to a share transfer dispute between SpiceJet chairman Ajay Singh and Maran and his KAL Airways. In February 2015, Maran and KAL Airways transferred their entire 58.46% stake in the airline to Singh. In 2017, Maran and KAL Airways moved the high court demanding that 180 million warrants redeemable as equity shares be transferred to them. The court, on July 29, 2016, asked both parties to settle the share transfer dispute under arbitration.
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Business Standard
26-05-2025
- Business
- Business Standard
SpiceJet rises 4% as Delhi HC rejects Maran's ₹1,300 crore damages plea
Shares of SpiceJet jumped over 4 per cent on Monday after the Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of over ₹1,300 crore. The airline's stocks rose as much as 4.45 per cent during the day to ₹45.7 per share, the biggest intraday gain since May 12 this year. The stock pared gains to trade 2.2 per cent higher at ₹44.8 apiece, compared to a 0.53 per cent advance in BSE Sensex as of 12:15 PM. Shares of the company have fallen nearly 20 per cent from its recent highs of ₹54.5, which it hit last month. The counter has fallen 19 per cent this year, compared to a 5.2 per cent advance in the benchmark Nifty50. SpiceJet has a total market capitalisation of ₹5,743.31 crore. SpiceJet legal tussle The Delhi High Court dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than ₹1,300 crore, among other claims, the airlines said in an exchange filing on Monday. These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court, it added. Earlier, the arbitration proceedings, led by a panel of three retired Supreme Court judges, had thoroughly examined and rejected the damages claim. "These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges. Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the court,' the airline said. Maran and KAL Airways claimed they paid ₹679 crore for warrants and preference shares that were never issued, triggering a legal battle. An arbitral tribunal initially ruled in their favour, ordering SpiceJet to refund ₹579 crore with interest. But in 2024, both the Delhi High Court and the Supreme Court overturned the award and sent the case back for reconsideration. About SpiceJet SpiceJet, an Indian low-cost carrier based in Gurgaon, Haryana, is known for its extensive network of domestic and international routes. The airline operates a fleet that includes Boeing 737 and Bombardier Dash 8 aircraft. SpiceJet posted a profit after tax (PAT) of ₹26 crore in the December quarter of financial year 2025 (Q3FY25), aided by overall improved performance. SpiceJet had posted a loss of ₹300 crore in the same quarter a year ago (Q3FY24).
Time of India
26-05-2025
- Business
- Time of India
Delhi High Court Dismisses Kalanithi Maran's ₹1,300 Crore Damage Claim Against SpiceJet, ET Infra
Advt Advt A Division Bench of the Delhi High Court has dismissed the appeal filed by KAL Airways and businessman Kalanithi Maran seeking damages of more than ₹1,300 crore and other claims from SpiceJet , the Ajay Singh-led low cost airline has stated in a regulatory filing."These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court. KAL Airways and Kalanithi Maran initially sought damages of more than ₹1,300 crore during the arbitration proceedings. These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges," according to the SpiceJet this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the price of SpiceJet shares shot up 2.6 per cent and were trading at ₹44.97 apiece on the BSE in morning trade. Ajay Singh , had earlier sold SpiceJet to Maran and then repurchased the airline in January 2015, after a prolonged grounding of the low cost-carrier as it ran into financial problems . The tribunal ruled that Maran owed Singh and the airline ₹29 crore in penal interest, while Singh was instructed to reimburse Maran ₹579 crore along with tribunal also ruled that there was no violation of the share sale and purchase agreement made between Maran and the current promoter Singh in late January tribunal rejected Maran's appeal for damages of ₹1,323 crore from February 2015, Maran of promoter of Sun Network and Kal Airways, his investment vehicle, had transferred their 58.46 per cent stake in SpiceJet to Singh for a mere ₹2 along with ₹1,500 crore debt liability. SpiceJet was sold back to Singh as it ran into financial problems under Maran's management and had to be and Kal Airways had claimed to have paid Spicejet ₹679 crore for issuing warrants and preference shares as part of the then approached the Delhi High Court in 2017, alleging SpiceJet had neither issued convertible warrants and preference shares nor returned the money.
Mint
26-05-2025
- Business
- Mint
SpiceJet share price rises 4% as court rejects a damages claim
Stock Market Today: SpiceJet share price gained more than 4% during the intraday trades on Monday as the the Delhi High Court Division Bench rejected a damages claim SpiceJet on Monday, 26 May 2025 informed the Bombay Stock Exchange or the BSE that the Delhi High Court Division Bench has rejected appeal of KAL Airways and Kalanithi Maran for any Damages Claim. As per the SpiceJet release on the exchanges, the airlines operator SpiceJet said that the Division Bench of Delhi High Court in its order dated May 23, 2025 has dismissed the appeal filed by KAL Airways and Kalanithi Maran seeking damages of more than Rs.1300 crore and other claims. These assertions were already previously rejected by the Arbitral Tribunal and then the Delhi High Court, as per SpiceJet. SpiceJet added that it is important to clarify that KAL Airways and Kalanithi Maran initially sought damages of more than Rs.1300 crore during the arbitration proceedings. These claims were thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges, as per SpiceJet. Following this, KAL Airways and Kalanithi Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was also rejected by the court. SpiceJet share price opened at ₹ 44.10 on the BSE on Monday. The SpiceJet share price at the time of opening was up compared to previous days closing price of ₹ 43.83. The SpiceJet share price thereafter moved higher to ₹ 45.78 and this meant intraday gains of 4.45% for the SpiceJet share price. SpiceJet remains in news as in May itself it had announced about anUpdate on Fleet Reactivation with the Ungrounding of Boeing 737 NG Aircraft On May 07,2025 Spice Jet had said that as of 09 May 2025, one more Boeing 737 NG aircraft (Registration Number: VT-SGV) has been successfully ungrounded and reintroduced into our operating fleet. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
