Supreme Court Dismisses High-Stakes Appeal in SpiceJet Share Dispute

The Supreme Court has dismissed an appeal by KAL Airways and its former promoter, Kalanithi Maran, seeking over Rs 1,300 crore in damages from SpiceJet. The decision represents the latest legal victory for SpiceJet in a long-standing share transfer dispute. According to a regulatory filing by the airline, the court's ruling this week upholds previous judgments made by the Arbitral Tribunal and the Delhi High Court, both of which had rejected Maran's claims.

Despite the resolution of this appeal, SpiceJet's ongoing judicial matters remain focused on appealing against the interest levied on deposit amounts, as well as challenging what it claims to be a premature refund of Cumulative Redeemable Preference Shares (CRPS) decreed by an Arbitral Tribunal. These issues were part of the broader financial disagreements between the airline's current promoter, Ajay Singh, and Maran, dating back to when Singh reacquired SpiceJet in 2015.

The high-profile case stems from a critical moment in 2015 when resource constraints grounded the airline. During that period, Maran and KAL Airways purportedly invested Rs 679 crore to receive warrants and preference shares as part of a share transfer agreement. However, in 2017, Maran sought legal redress, alleging a failure to issue the promised convertible warrants or refund the investment. This evolving legal battle continues to impact SpiceJet's market performance, with shares recently seeing a minor decline in trading on the BSE.

(With inputs from agencies.)