SpiceJet Advances to Chairman: An Inside Look at Transparent Governance
SpiceJet advanced Rs 32 crore interest-free to Chairman Ajay Singh, adjusted from his salary. Currently, with 19 operational planes, it holds a 2% domestic market share. The advance is structured under board-approved policies, maintaining transparency and compliance. The airline reported a net profit of Rs 58.1 crore in March 2025.
- Country:
- India
SpiceJet, once beleaguered by challenges, recently provided an interest-free advance of Rs 32 crore to its Chairman and Managing Director, Ajay Singh. According to the airline's latest annual report, this amount is being adjusted from Singh's monthly salary, showcasing adherence to policies approved by both the Nomination and Remuneration Committee and the company board.
With a fleet of 19 aircraft, SpiceJet captured a modest 2 percent share of the domestic market as of July. The financial advance to Singh is not an isolated gesture but part of a structured policy, confirmed a spokesperson. The advance is already being repaid, aligning with the company's commitment to transparency and compliance with corporate governance standards.
Despite these financial dealings, SpiceJet recorded a net profit of Rs 58.1 crore for the year ending March 31, 2025. The airline emphasized its dedication to transparent governance practices, ensuring all transactions are disclosed, audited, and within legal frameworks.
(With inputs from agencies.)
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