The Delhi High Court on October 6 adjourned SpiceJet Chairman and Managing Director (CMD) Ajay Singh's bail plea after the lawyers informed that the terms of the settlement agreement between Singh and the complainant are being finalised. The case is now likely to come up for hearing on October 19.
On the last date of hearing, the court was informed that Singh has entered into a settlement with a Delhi businessman and his family who filed a police complaint alleging fraud over share purchase agreement.
In July 2023, the judge observed that the allegations of fraud against Ajay Singh in a share transfer agreement dispute were serious in nature and therefore urged the parties to settle.
The case pertained to the transfer of shares of the low-cost airline to certain individuals. A Delhi businessman, and his family, alleged that Singh did not give him the shares despite entering into a share purchase agreement for 10 lakh shares, for a consideration of Rs 10 lakh. He also alleged that Singh had handed over outdated and invalid DIS (delivery instruction slip).
In April 2022, the high court had granted interim relief to Singh against any coercive action by police. In September 2022, the court clarified that the it had not stayed the investigation against Ajay Singh.
The trial court rejected his anticipatory bail application last month, stating that it did not find sufficient grounds to grant relief to him in view of the overall facts and circumstances of the case and the gravity of the offence.
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