Tribunal rules in SpiceJet's favour, rejects Maran's Rs 13-bn claim

SpiceJet's ex-promoter Kalanithi Maran had made the claim for loss on account of non-issuance of share warrants but the tribunal said it can't be treated as breach by SpiceJet and Ajay Singh.

An arbitration tribunal has ruled in SpiceJet's favour, in a share purchase dispute with ex-promoter Kalanithi Maran. And, has rejected the latter’s Rs 13-billion claim for loss on account of non-issuance of share warrants.

The tribunal has, however, held that Maran will be entitled to a refund of Rs 5.79 billion, the subscription amount he made for warrants and preference shares. Even so, this will not result in a new liability for the airline, since it has already deposited the amount with the high court in Delhi, said a source close to the airline.

Maran sold his 58.46 per cent