Spicejet owner kalanithi maran

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Kalanithi Maran is an Indian media mogul who is the chairman and founder of the Sun Group. He also held a major share in the Indian airline Spice Jet from to In , Maran started a monthly magazine in Tamil called Poomaalai. On 14 April , he founded Sun TV. His younger brother Dayanidhi Maran was also a former minister. He graduated in commerce from Loyola College, Chennai.

Spicejet owner kalanithi maran

SpiceJet on Friday moved a division bench of the Delhi high court seeking damages from Sun Group chairman Kalanithi Maran alleging a breach of contract by the latter. It also sought to overturn a single bench order in July that upheld the validity of an arbitration award in favour of the Marans. The single bench is hearing the execution of the arbitral award and is yet to decide on the payment schedule by the airline to Maran. In earlier proceedings, Maran had claimed SpiceJet had forfeited its right to be heard in court by wilfully disobeying orders. In response, SpiceJet argued that demanding immediate payment could push the airline into insolvency, which would not benefit the Marans, as they would become operational creditors. SpiceJet also said its financial difficulties arose from various factors, including the purchase of Boeing Max aircraft which was disallowed from flying by regulators, losses due to the covid pandemic, and increased fuel prices due to the Ukraine conflict. The issue dates back to February , when Marans and Kal Airways transferred their entire shareholding in SpiceJet to Ajay Singh, the current chairman and managing director of the airline, after the carrier nearly went belly up in due to a severe cash crunch. SpiceJet, under Singh, never issues these warrants. Maran then approached the Delhi high court in , alleging SpiceJet had not issued convertible warrants and preference shares or returned the money. Milestone Alert!

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Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it. The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today. The scheme would be submitted to the Civil Aviation Ministry for approval. SpiceJet, which has been going through a turbulent patch, has been looking to infuse fresh capital as part of efforts to revive its sagging fortunes. Promoters, Maran and Kal Airways, hold Retail investors hold According to the filing, the board has further directed the company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the ministry for seeking approval. The deal involves transfer of shares estimated to be worth about Rs crore at the market value as the entire holding of over 53 per cent would be transferred to Singh. Sun Group CFO S L Narayanan said it would transfer the entire equity stake of over 53 per cent to Singh, but would remain an investor with holding of warrants convertible into 10 per cent stake in the carrier.

Spicejet owner kalanithi maran

Curated By: Mohammad Haris. New Delhi, India. Spicejet Vs Kalanithi Maran. The Court also stated that they would grant an expedited hearing in the matter. The development comes a day after Spicejet and its promoter Ajay Singh approached the Delhi High Court challenging a single-judge order upholding an arbitral award asking them to refund Rs crore plus interest to media baron Kalanithi Maran. The appeals came up before a division bench of Justices Yashwant Varma and Dharmesh Sharma which initially listed it for hearing on September 15 as the counsel for Spicejet and Singh were not present. On July 31, the single judge had upheld the award announced by the arbitration tribunal on July 20, in favour of Maran and his company Kal Airways. It had said the court was barred from entering into the merits of an award unless there was an error that was apparent on the face of the record or an illegality that goes to the root of the matter. Ajay Singh had approached the high court challenging the arbitral award. The high court had said the petitioners had failed to substantiate the grounds for setting aside the arbitral award and dismissed the two petitions by Spicejet and Ajay Singh.

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As part of the agreement, Maran and Kal Airways had claimed to have paid SpiceJet Rs crore for issuing warrants and preference shares. On 14 April , he founded Sun TV. The INR3. In response, SpiceJet argued that demanding immediate payment could push the airline into insolvency, which would not benefit the Marans, as they would become operational creditors. Download as PDF Printable version. Read Today's Paper. Wait for it… Log in to our website to save your bookmarks. Contact sales. Follow us. Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

The court is scheduled to consider on the remaining amount on 3 October. In the execution of arbitration award, Maran had claimed that SpiceJet had forfeited its right to be heard, as it had wilfully disregarded the orders of the court.

Podcasts View Less -. Rate Story. Sign In to Read for Free. Archived from the original on 29 August Retrieved 28 January In , Maran started a monthly magazine in Tamil called Poomaalai. Limited Access. New Delhi, India. Become a subscriber today! Archived from the original on 8 August Toggle limited content width.