The Delhi High Court, while hearing a bail plea by SpiceJet Chairman and Managing Director Ajay Singh on July 19, noted that the allegations against him of fraud in a share transfer agreement were serious in nature.
Justice Dinesh Kumar Sharma, who heard the case, urged the parties to explore options for a settlement. "The allegations in the complaint seem to be serious in nature," observed Judge Dinesh Kumar.
Appearing for Singh, senior advocate Sidharth Luthra informed the court that he will explore more options for settlement with the opposite party and hold discussions with them soon. Luthra told the court that the allegations were not serious in nature. The court has accordingly adjourned the case to August 8. The court had on an earlier occasion too asked the parties to settle but they could not reach a deal.
The case pertained to the transfer of shares of the low-cost airline to certain individuals. It was alleged by a Delhi businessman and his family that they had entered into a share purchase agreement with Singh and paid Rs 10 lakh for 10 lakh shares, but Singh did not give the shares. It was also alleged that he had handed over outdated and invalid DIS (delivery instruction slip).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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