SpiceJet promoter Ajay Singh to appeal against arrest warrant in Delhi

Delhi businessman accuses airline boss of failing to transfer shares to him as part of an agreement.

SpiceJet promoter Ajay Singh will on Wednesday appeal before a Delhi court to stay an arrest warrant issued against him in a financial fraud case filed by a Delhi businessman.

Singh, through his lawyer, has filed for an anticipatory bail before a court in south Delhi’s Saket. Singh faces a non-bailable warrant, which can be used to send a person to jail, for allegedly not joining a police investigation despite several notices issued to him.

A SpiceJet spokesperson confirmed that warrants were issued against Singh adding that he couldn’t appear for hearing as he was in isolation after his wife tested positive for Covid-19.

“It’s a purely civil matter and the non-bailable warrant has been issued because Mr Singh could not appear for a hearing as he was in isolation because of his wife testing positive for Covid,” the spokesperson said.

According to the First Information Report (FIR) copy, filed with the Hauz Khas police station in South Delhi and reviewed by 'Business Standard', the complaint was filed by a Delhi’s Sanjeev Nanda, owner of Star Mobitel, a shop for electronic appliances.

According to the FIR, Singh entered into a share-purchase agreement with Nanda where he agreed to transfer 25 lakh shares of the company for Rs 25 lakh. While 10 lakh shares were to be transferred in favour of his son Chetan Nanda, 15 lakh shares were to be transferred in favour of his wife Priti Nanda.

Subsequently, Nanda was given delivery instruction slip, a document used to facilitate and authorize the sale or transfer of shares from one account to another. However, when Nanda went to deposit the instruction slips, he was told that the slips were outdated and no share transfer could be effected.

Following the FIR, the court asked the Hauz Khas police station to investigate the case.