Ajay Singh-controlled SpiceJet Ltd on Tuesday denied breaching a share purchase agreement with the airline’s former owner Kalanithi Maran and his firm KAL Airways. SpiceJet said that it had repeatedly tried to get approval from regulators to issue warrants to Maran and KAL. They said if compensation was not forthcoming, Maran would seek to annul the agreement signed when SpiceJet’s ownership changed hands in 2015. This amount was to be returned by SpiceJet to Maran after eight years or warrants were to be issued subject to the approval of regulatory authorities. Maran’s fundamental plea to the arbitrator is for restitution, said another person with direct knowledge of the share purchase agreement.

Source: Mint July 11, 2017 19:30 UTC