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.

Share Market Live

NSE

“It is not possible to accept the offers forwarded by SpiceJet. Both offers by SpiceJet are unacceptable. The total amount claimed by us is Rs 920 crore as per the arbitral award,” Maran told the Supreme Court today.

The court sought to know the basis on which this valuation was arrived at and has granted time to Maran to file the response on the issue. The apex court will now hear the dispute between SpiceJet and Maran on March 2.

Also Read:

SC asks Kalanithi Maran to consider SpiceJet's offer of Rs 600 crore cash; lists matter for February 14

SpiceJet had earlier offered two proposals for settlement of the shareholding dispute with the Marans. The airline had offered to repay Rs 600 crore in total for settling the arbitral dispute. Alternatively, SpiceJet had to pay Rs 100 crore and argue the dispute expeditiously before the Delhi High Court.

SpiceJet on February 10 offered to pay former promoter Kalanithi Maran and his KAL Airlines Rs 600 crore in cash for the final settlement of all disputes in the share transfer case. The beleaguered airline made the offer during a hearing in the Supreme Court on Thursday.

SpiceJet also postponed its scheduled board meet to Tuesday saying that the company's audit committee meeting for approval of December quarter results was inconclusive due to paucity of time.

The low-cost carrier, which is going through turbulent times, was scheduled to announce the financial results for the quarter ended December 2021 on Monday.

First Published:Feb 14, 2022 11:55 AM IST