SpiceJet's Ajay Singh pays Rs 2 lakh to settle case with Sebi

The carrier is accused of disclosure lapses in the acquisition of the equity shares

The Securities and Exchange Board of India (Sebi) has settled a case against SpiceJet promoter Ajay Singh in the matter related to the alleged disclosure lapses in the acquisition of the equity shares by paying around Rs 2 lakh.

On January 15, SpiceJet informed the BSE that Kalanithi Maran and his associates had decided to transfer the ownership and management control of the airline to Ajay Singh, former promoter and his associates.

Post this, Singh reportedly moved to the regulator to make a case for an exemption from an open offer.

Typically, an entity is supposed to make an open offer while acquiring