 "Ajay Singh, Spicejet Airlines, aviation, director")
KAL Airways Pvt Ltd and Kalanithi Maran, former promoters of low-cost carrier SpiceJet, have said their share purchase agreement (SPA) executed two years ago with Ajay Singh, now chairman of the airline, to sell Spicejet for Rs 2, has become void. The reason, they said, was the airline's failure to allot the agreed 23 per cent of fully diluted equity capital die to regulatory approvals.
The erstwhile promoters further contended tht if the airline was not able to allot warrants/shares equivalent to 23 per cent, of the expanded capital, they would be eligible for a compensation of Rs 2,200-2,500 crore as
