Kalanithi Maran

This price spike came on the back of news that ex-telecom minister Dayanidhi Maran, his brother Kalanithi Maran and the latter's wife Kaveri Kalanithi, were discharged by a special court on Thursday on charges of bribery and money laundering in the Aircel-Maxis deal.

Spicejet has claimed that the Bombay Stock Exchange (BSE) and the market regulator Securities and Exchange Board of India (SEBI) do not seem to be willing to grant the necessary approvals.

Kalanithi Maran had demanded that 180 million warrants redeemable as equity shares be transferred to him. The warrants, if converted, would have given Maran and his airline, Kal, a share of 25 percent in SpiceJet.

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 has changed hands last year.

Maran and his airline, Kal, have alleged in their plea that despite giving around Rs 579 crore to SpiceJet, the carrier failed to issue them the warrants or allot them tranche 1 and 2 of convertible redeemable preference shares and the amount was not utilised for paying statutory dues.

Kapoor, 48, was appointed to the post by then owner Kalanithi Maran in November 2013. His abrupt resignation comes over a year before the expiry of his employment contract, SpiceJet sources said.

On July 15, five companies of Kalanithi Maran-promoted Sun TV were not allowed to participate in Phase III FM auctions as the Information and Broadcasting Ministry had rejected their applications.

The I&B Ministry has sought the opinion in the binding nature of the Home Ministry's decision and if the case can be linked to economic offences and national security.

As per the revival plan firmed up by Ajay Singh, the airline would focus on strengthening finances and improving operational efficiency.

SpiceJet co-founder Ajay Singh said the airline has provided confidential revival plan to aviation ministry and lawyers are working on issues to come up with the authority.

The restructuring scheme has been submitted to aviation ministry and we will wait for its nod to make further announcements, said SL Narayanan CFO, Sun Group.

Spice will seek aviation ministry nod for Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet.

As per a capital infusion plan received by the civil aviation ministry, the initial funds from an overall corpus of about USD 200 million may come in by January 10, sources said.

Money-losing SpiceJet had delayed employees' salaries for November and briefly grounded its fleet this month for want of cash. Its majority owner, billionaire Kalanithi Maran's Sun Group, has said it cannot afford a bailout.

As per the talks with investors, SpiceJet is valued at Rs 1500 crore. Sun Group holds 53.4 percent stake in SpiceJet. It is not yet clear whether SpiceJet promoter and media baron Kalanithi Maran is mulling to exit completely from the low-cost airline.

The company reported an ad revenue growth of 11.4 percent (YoY) on the back of increase in ad minutes from 15-18 minutes (YoY).

After winning the bid for the Hyderabad IPL franchise in October, the Sun Group is now betting big on its new catch.

News of a stake sale in SpiceJet was doing the rounds. But, SL Narayanan, Group CFO of Sun Group denied any such reports and said the Marans continue to hold 48.6% in the airline.

SL Narayanan, Group CFO at Sun Group says 55 percent of the ad revenue for the company came in from the FMCG sector, where he expects a distinct shift in spending pattern. "We expect double-digit ad revenue growth rate for the third quarter of this year," he told CNBC-TV18 in an interview.