Spicejet owner kalanithi maran

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Kalanithi Maran is an Indian media mogul who is the chairman and founder of the Sun Group. He also held a major share in the Indian airline Spice Jet from to In , Maran started a monthly magazine in Tamil called Poomaalai. On 14 April , he founded Sun TV. His younger brother Dayanidhi Maran was also a former minister.

Spicejet owner kalanithi maran

Scheduled Carrier. Delhi International. The payment was made in two tranches earlier this week, finalising on September 12, two days after the September 10 deadline laid down by Delhi High Court. The low-cost carrier and its current majority owner and promoter, Ajay Singh, was ordered in August to make the payment, which comprises less than one-third of the INR3. In court on September 11, one day after the deadline had passed, the court gave SpiceJet 24 hours to complete the process. SpiceJet said the payments were slightly late due to bank holidays in India on September 9 and Warrants and preference shares promised to Maran did not materialise. The INR3. In late July, after a series of court challenges and ignored deadlines, the Delhi High Court ordered payment in full. The matter next comes up for hearing on October 3. The airline later said it remitted full payment on September The court had warned Singh, who was required to appear in person this week, that he would go to jail if the payment was not made. In addition to seeking payment, the financial institution has attempted to have contempt charges imposed on Singh after SpiceJet ignored an earlier series of court orders and repayment agreements. Get full unrestricted access to all ch-aviation features and data including worldwide airline fleets, schedules and route network with drilldowns available at your fingertips on every screen - updated daily for industry professionals like you.

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Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it. The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today. The scheme would be submitted to the Civil Aviation Ministry for approval. SpiceJet, which has been going through a turbulent patch, has been looking to infuse fresh capital as part of efforts to revive its sagging fortunes. Promoters, Maran and Kal Airways, hold Retail investors hold According to the filing, the board has further directed the company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the ministry for seeking approval. The deal involves transfer of shares estimated to be worth about Rs crore at the market value as the entire holding of over 53 per cent would be transferred to Singh. Sun Group CFO S L Narayanan said it would transfer the entire equity stake of over 53 per cent to Singh, but would remain an investor with holding of warrants convertible into 10 per cent stake in the carrier. The group would also infuse fresh capital, Narayanan said, hoping that Singh would be able to better manage the airline while saving jobs and continuing flight operations.

Spicejet owner kalanithi maran

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Sign Out. Looks like you have exceeded the limit to bookmark the image. Abc Medium. Exclusive invites to Virtual Events with Industry Leaders. Abc Large. Contents move to sidebar hide. The tribunal, created in on the orders of the Delhi High Court to adjudicate the share transfer dispute, had held that there was no breach of a share sale and purchase agreement reached between Maran and current promoter Ajay Singh in late January Subscribe with Google. Login Now. Archived from the original on 28 January Products Durables. Unlock a world of Benefits! Services Advertising. Products Durables. Kalanithi Maran is an Indian media mogul who is the chairman and founder of the Sun Group.

The court is scheduled to consider on the remaining amount on 3 October. In the execution of arbitration award, Maran had claimed that SpiceJet had forfeited its right to be heard, as it had wilfully disregarded the orders of the court.

Subscribe now. Curated By: Mohammad Haris. My Account. However, SpiceJet argued that immediate payment could push it into insolvency and will not be in interest of Maran, as he would be categorized as an operational creditor. Get alerts on WhatsApp. He graduated in commerce from Loyola College, Chennai. Latest News. Hello User. Will benign oil prices continue to fuel it? Abc Medium. Select your Category Query Suggestion. Login Now! Explore Premium. Font Size Abc Small.