SpiceJet's Chairman and Managing Director Ajay Singh has entered into a settlement with Delhi businessman and his family who filed a police complaint alleging fraud over share purchase agreement, Delhi High Court was informed on September 21.
The lawyers for Singh and the complainant told the Delhi High Court that they were finalising the terms of the settlement agreement and would place the same before the court in the first week of October. The court has accordingly adjourned the case to October 4.
On September 5, the High Court deferred the hearing of Singh's bail plea as the settlement talks were underway.
In July 2023, the judge observed that the allegations against 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. 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 It was also alleged that he had handed over outdated and invalid DIS (delivery instruction slip).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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