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SpiceJet
BSE: 500285|NSE: MODILUFT|ISIN: INE285B01017|SECTOR: Transport & Logistics
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Company History - SpiceJet
YEAR                                                    EVENTS
 1984 - The Company was incorporated on 9th February as a private
 limited
              company in the name and style of Genius Leasing Finance
 and
              Investment Company Limited.  The business was commenced
 on 14th
              March. It was promoted by S.K. Modi of the Modi Group
 of
              Companies.  The main objective of the company is to
 manufacture
              Private air taxi operation.
 
 1993 - The name of the company was changed to MG Express Ltd. on
 17th
              February.
 
           - The Company diversified its activities into domestic
 aviation
              operations.  Since May, has been providing safe and
 reliable air
              transportation for both the passenger and cargo.  In the
 first
              phase of operations, three Boing 737-200 advance air
 craft was
              commissioned in service.
 
           - The Company entered into an agreement with Lufthansa for
 spares,
              services and maintenance and training of flight crew. 
 The
              Company was to pay DM 102,000 per plane, per month for
 dry lease.
 
           - The Company is to provide two classes of services, first
 class
              and economy class.  Telecommunication lines were to be
              established between airlines.
 
            - In the second phase of operations, the Company was to
 acquire on
              dry lease, four Boing 737-400, Advance Fuel Economic
 Aircrafts
              and one Boing 737-200 aircraft.  Three of the 737-400
 airafts
              would have a capacity of 150 seats and the remaining one
 with a
              capacity of 164 seats.
 
           -  The Company entered into agreement with International
              airlines such as Swissair, KLM-Royal Dutch Awtun, Qantas
 airways,
              Air Canada etc.
 
            - 2,00,000 shares allotted to public.  240,00,000 No. of
 equity
              shares of Rs. 10 each issued in May-June, as follows:
 
            - 214,00,000 rights equity shares of Rs. 10 each in
 proportion
              107:1 (all were taken; up).  
 
            - 24,00,000 shares reserved for allotment to shareholders
 of Modi
              Threads Ltd. 
 
            - 2,00,000 shares to employees of Modi Threads Ltd.  
 
            - Another 150,00,000 shares were allotted to Business
 associates on
              preferential basis.
 
 1994 - In September, the Company signed an MOU with Indian Oil
             Corporation Ltd. to arrange the imports of aviation
 turbine fuel
             and the first consignment was expected in the 2nd week of
 January
             1995.
 
            - Effective 12th April, the name of the company was
 changed from MG
              Express Ltd. to Modiluft Ltd.
 
            - 242,00,000 No. of equity shares of Rs. 10 each were then
 issued
               in November, at a premium of Rs. 30 per share on rights
 basis in
              prop. 1:1 (6,000 shares kept in abeyance).
 
            - During the year under review the Company opened up
 several new stations
              and at present is connecting most of the major business
 and tourist locations
              across the Country.
 
            - The Company proposes to expand its operations by adding
 4
               Boeing 737-400 aircraft to its existing fleet.
 
            - On 23rd November, 1994, your Company was awarded the
 coveted status of a
              Scheduled Airline. Consequently, the Company has also
 obtained the Associate
              Membership of International Air Transport Association
 (IATA).
 
           - The Company further issued 1.50 crore Equity Shares of
 Rs. 10/-each for cash at par
              aggregating to Rs.15.00 crore to business associates on
 preferential basis, thus taking the
              total Paid Up Capital of the Company to Rs. 39.20 crore
 during the year 1993-94.
 
           - The Company has inter-line agreements with all major
 foreign Airlines, an extensive
              network of sales agents and worldwide communication
 network for making reservations
              from any part of the world which enables the Company to
 earn revenue in foreign
              exchange.
 
 1995 - The Company in its initial stage entered into an Agreement on
 Technical Support which
              was further strengthened with Management Agreement on
 28th June, 1994.
 
            - The Company is also setting up a working group in
 respect of each of the areas to
               ensure the desired results are achieved.
 
            - ModiLuft has tied up their Frequent Flyer Programme -
 MILES & SMILES with Deutsche
               Lufthansa AG, with effect from 1st July, 1995.
 
            - The Company also proposes to come out with a Rights
 Issue of Rs. 31.70 crores to
              acquire additional aircrafts as per Company's expansion
 plans.  
 
            - Mrs. Malvika Poddar and Mr. Bernd Hildenbrand, Directors
 retire by rotation, being eligible,
              offer themselves for reappointment.
 
 1997 - Mr. D.K.Babbar and Mr. Kartik Shanker Aiyer, Directors retire
 by rotation and being
              eligible, offer themself for reappointment.
 
 1999 - The company has appointed Millenium Capital Management (Pvt.)
 Ltd. and
               Khandwala Securities Ltd. as its Management and
 financial consultants.
 
             - Mr. S. K. Modi and Mr. Merchant Bharat Bachubhai,
 Director retire by rotation and being
                eligible, offer themself for re-appointment.
 
 2000 - Country's defunct private domestic carrier Modiluft Ltd.,
 which suspended
              its operations in 1996, will be airborne again in
 January in a New avataar as
              Royal Airways.
 
           - The Board has allotted 81,077,500 redeemable preference
 shares of Rs 10
              each to the Royal Holdings Service Ltd. USA.
 
 2001
 
  - Modiluft Ltd has informed BSE that the Mr. Atul Sharma, Mr.
 Kishore Gupta, Mr. Siddhartha              Sharma, Mr. Mansukhlal
 Kotecha and Mr. Vijay Kumar have been elected as Directors of        
      the Company with effect from December 31, 2001. The aforesaid
 persons were earlier              co-opted as Additional
 Directors.The Company has also informed that Mr. J.N.Gupta, Mr.      
        S.K.Modi and Mr. B.B. Merchant have ceased to be Directors of
 the Company with effect                           from the same
 date.
 
 
 2003
 
 - The company  re-issued 1895348 forfeited equity shares of Rs 10
 each at par on private placement basis
 
 -The company has been informed by Delhi Stock Exchange that the
 shares of the company are delisted wef December 10, 2003.
 
 2005
 
 -SpiceJet launches Delhi-Ahmedabad-Mumbai service on May 24, 2005
 
 -SpiceJet launches its six-day a week services to Jammu and Srinaga
 on Nov 11, 2005
 
 2005
 
 -Company has changed its name from Royal Airways Ltd. to Spicejet
 Ltd.                                                              
                                                         
 2006
 
 -SpiceJet ties up with Indiatimes
 
 -SpiceJet joins hands with Nomura on Aug 15,2006
 
 2007
 
 -Spicejet Ltd has informed that Mr. Osman Qureshi (nominee of
 Istithmar PJSC) has been appointed as director on the Board of the
 Company.
 
 2010
 
 - SpiceJet stated that it will order 30 Boeing 737-800 aircraft to
 take its fleet size to 58 planes.
 
 2011
 
 -Mr. S. Sridharan has been appointed as the Whole Time Director of
 the Company
 
 -Mr. R Neelakantan has been appointed as the Chief Financial Officer
 (CFO) of the Company
 
 -Awarded for Best Website at ‘World Low Cost Airlines Asia Pacific
 Conference.
 
 -Voted as India’s Best Low Cost Airline by Outlook Traveller 
 
 -Registered Office of the Company has been shifted To Murasoli Maran
 Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 600028, Tamil
 Nadu
 
 2012
 
 -Mr. Chandan Sand has been appointed as GM (Legal) & Company
 Secretary of the Company.
 
 -SpiceJet gets DGFT nod to direct import of ATF
 
 -Voted as India’s Favourite Domestic Airline for the year 2012 by
 Outlook Traveller 
 
 -India’s International Low Cost Carrier of the Year 2012 by Travel
 Agents Association of India
  
 -India’s Most Outstanding Airline LCC-Domestic Award, by Travel and
 Hospitality.
Source : Dion Global Solutions Limited
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