HC asks SpiceJet to deposit Rs 243 cr in share transfer row with K Maran

Airline's net worth has eroded completely and it will find it deposit to deposit the amount in the deadline of 6 months.

Cash-strapped SpiceJet was dealt a blow by the Delhi High Court on Monday after it ordered the airline to deposit an additional Rs 243 crore within six weeks, in relation to the share transfer dispute with former promoter Kalanithi Maran, owner of the Sun group.

If the amount is not deposited within the deadline, Maran has the right to seek status-quo on SpiceJet’s shareholding, meaning the company will not be able raise capital from the market by issuing fresh shares or through a stake sale.

“Judgement Debtor (in this case SpiceJet and promoter Ajay Singh) is directed to deposit Rs 242.93 crore