During the hearing of a bail plea by Ajay Singh, Chairman and Managing Director of SpiceJet, at the Delhi High Court on July 19, the court took note of the serious allegations of fraud in a share transfer agreement against him.

"The allegations in the complaint seem to be serious in nature," observed Judge Dinesh Kumar, reported Moneycontrol.

Justice Dinesh Kumar Sharma, presiding over the case, suggested that the parties involved should consider reaching a settlement. Judge Sharma observed that the complaints appeared to be of a grave nature,

Representing Singh, senior advocate Sidharth Luthra assured the court that he would explore potential settlement options with the opposing party and hold discussions soon. Luthra stated that the allegations were not as serious as they were portrayed. The court subsequently adjourned the case to August 8. It's worth noting that in a previous instance, the court had also encouraged the parties to settle the matter, but they were unable to reach an agreement.

The case revolves around the transfer of shares of the low-cost airline to specific individuals. Allegedly, a Delhi businessman and his family entered into a share purchase agreement with Singh, paying Rs 10 lakh for 10 lakh shares, but Singh did not provide the shares as agreed. Furthermore, it was claimed that he had handed over outdated and invalid delivery instruction slips (DISs).

In April 2022, the high court granted interim relief to Singh against any coercive action by the police. However, in September 2022, the court clarified that it had not stayed the investigation against Ajay Singh.

Last month, the trial court rejected Singh's anticipatory bail application, citing insufficient grounds to grant relief considering the overall facts, circumstances of the case, and the gravity of the offence.

(Edited by : Shoma Bhattacharjee)