Kalanithi Maran, former promoter of domestic airline SpiceJet, on Monday rejected the Rs 600 crore offer made by the airline for a one-time settlement to end the long-standing share-transfer dispute between the two parties.

Marans have told the Supreme Court that it is not possible for them to accept the offer forwarded by SpiceJet and both offers by SpiceJet are unacceptable.

Read Here: Kalanithi Maran rejects SpiceJet's Rs 600 crore one-time settlement offer

Speaking to CNBC-TV18, SL Narayanan, Group CFO of Sun TV Network said, “People need to understand that the money that is being returned now by SpiceJet is actually the application money for the warrants and the preference shares that we infused into SpiceJet in an effort to keep the airline afloat. We put in some substantial sums of money between 2014 and at the time of our exit in February 2015. The idea was that, we will still stay invested with a minority stake, but then neither the warrants were allotted nor the preferred shares were allotted which led us to move the courts and then finally, as part of the arbitration proceedings, we got the right to refund with interest.”

He added, “With interest that Rs 578 crore is now around Rs 900 crore and I also have Delhi High Court division bench order, which confirms the interest of Rs 243 crore as early as October 2020. Because the money did not come that amount has ballooned. So, we will not be able to accept this offer and which is what our council has communicated to the honourable Supreme Court earlier today.”

For full interview, watch accompanying video.