Low cost carrier SpiceJet has received shareholders' approval for the appointment of Ajay Singh as its Managing Director. Singh, who came to the rescue of the no-frills carrier, was appointed as Managing Director by the board with effect from May 21 for a three-year period. The proposal has been approved by the shareholders through postal ballot, the carrier said in a regulatory filing today.
Besides, the proposals for adopting a new set of Articles of Association as well as "alteration of registered office clause of Memorandum of Association of the Company" have been cleared by the shareholders. According to the postal ballot notice sent to shareholders, Singh was not drawing any remuneration for the executive functions performed by him. However, he would be eligible for expenses for his office and other incidental expenses incurred by him while discharging his duties as Managing Director.
Singh, the original co-founder, took back the reins last December amid SpiceJet facing turbulent times. He acquired 58.46 per cent stake from then promoters Kalanithi Maran and Kal Airways Pvt Ltd. Shares of the company jumped over three per cent to close at Rs 30 apiece on the BSE.
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