The Delhi High Court on Monday asked budget carrier SpiceJet to pay Rs 250 crore as cash deposit and Rs 229 crore in bank guarantee in connection with a share transfer dispute with previous owner Kalanithi Maran.
A division bench of Justice S. Ravindra Bhat and Justice Yogesh Khanna, while dismissing the plea of SpiceJet and its co-founder Ajay Singh against a single judge order directing it to deposit Rs 579 crore in share dispute with Maran, asked them to pay the money.
SpiceJet was asked to deposit Rs 250 crore in cash by August 31.
The decision came on the plea by the airline and Ajay Singh challenging the single judge order, which had come on a civil suit by Sun Group chief Kalanithi Maran and his Kal Airways.
According to sources, the company has the ability to generate funds to be deposited with the court and that the final decision will be taken by the arbitrator.
"The judgment gets rid of the warrants issued and will help the company focus on the long term strategy and conduct its business normally without any constraints," a source said.
--IANS
rv/vt
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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