SpiceJet, Maran exchange draft resolution for warrant issue:Srcs

Kalanithi Maran and SpiceJet have exchanged draft resolutions for issuance of warrants, sources tell CNBC-TV18 adding that both the parties are trying to arrive at a consensus before moving market regulator Securities Exchange Board of India (SEBI) and BSE. Sources add that both, SpiceJet and Maran are broadly in agreement over the terms of resolution. The case will be taken up by the Delhi High Court on Monday at 2:15 PM.The Delhi High Court on Friday had directed SpiceJet to transfer shares via a resolution to Maran’s KAL Airways Pvt Ltd. as per the deal under which ownership of KAL had changed hands last year.KAL Airways and Spicejet have been at loggerheads over transfer of shares where Maran has demanded transfer of 180 million redeemable warrants as equity shares to KAL. As per the deal, KAL and Maran had transferred their entire holding amounting to 350.4 million equity shares to Ajay Singh, SpiceJet’s co-founder in February 2015. Watch video for more.