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Delhi High Court directs SpiceJet to pay ₹380 crore to former promoter and Sun Group Chairman Kalanithi Maran

The share transfer dispute between Maran and SpiceJet dates back to a 2015 sale purchase agreement, which led to a change in ownership of the budget carrier from Maran to co-founder Ajay Singh.

According to the agreement, Maran had transferred his 58.46 per cent stake in the airline. In return for the transfer, Maran and his Kal Airways were to receive stock warrants and Convertible Redeemable Preference Shares from SpiceJet.

After SpiceJet failed to issue warrants or allot tranches of preference shares, Maran filed the suit before the High Court to enforce the terms of the agreement.

Source: Barandbench

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