Supreme Court Rejects Kalanithi Maran's Rs 1,300 Crore Compensation Plea Against SpiceJet
The Supreme Court has dismissed the Rs 1,300 crore damage plea filed by KAL Airways and Kalanithi Maran against SpiceJet over a share transfer dispute. The court upheld a previous Delhi High Court ruling, citing delay as the reason for dismissal. The case involves a complex financial agreement between Maran and SpiceJet.
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The Supreme Court has dismissed the petition by KAL Airways and its founder, Kalanithi Maran, for Rs 1,300 crore in damages from SpiceJet, resolving a drawn-out share transfer conflict.
Upholding the Delhi High Court's May 23 ruling, the apex court attributed its decision to procedural delays from the former SpiceJet promoters in pursuing their appeal.
The dispute stems from a 2015 transaction where Maran and his airline claimed SpiceJet failed to fulfill agreements related to convertible warrants and shares despite a significant payment, leading to legal battles and court arbitration.
(With inputs from agencies.)
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