SpiceJet shares rise 3% after airline seeks Rs 450-cr refund from Kalanithi Maran

piceJet has paid Rs 730 crore, comprising Rs 580 crore in principal along with an additional Rs 150 crore towards interest to Maran and KAL Airways.

Shares of low-cost airline SpiceJet were up 3 percent on May 22 after the company said it will seek a refund of Rs 450 crore out of the Rs 730 crore it had previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s May 17 order.

On May 17, the Division Bench of the Delhi High Court ruled in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways.

This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

SpiceJet has paid Rs 730 crore, comprising Rs 580 crore in principal along

with an additional Rs 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive Rs 450 crore refund, the airline said in a stock exchange filing.

SpiceJet and Singh had sought to set aside the portion of the award which directed them to refund Rs 270 crore to KAL Airways and Maran. They also sought a waiver of 12 percent interest on warrants and setting aside of the 18 percent interest granted in the award.

Also Read | Why the Kalanithi Maran Vs SpiceJet saga is not over despite a judgment in the airline’s favour

At 10:50 am on May 22, shares of SpiceJet were trading 2.6 percent higher at Rs 62.60 apiece.