Kalanithi Maran, KAL Airways to move Delhi HC for control of SpiceJet

Maran sold his 58.46 per cent stake in SpiceJet to Ajay Singh, its current chairman, for a nominal Rs 2 in 2015

Media tycoon Kalanithi Maran and his KAL Airways will be approaching the high court (HC) in Delhi for a direction to restore him as the  promoter of SpiceJet.

This comes after an arbitration tribunal rejected his claims on account of non-issuance of share warrants by the airline company. The tribunal, last week, ruled in favour of SpiceJet and its present promoter-chairman, Ajay Singh, saying non-issuance of the warrants could not be treated as a breach of their prior agreement.

Sources close to Maran said they had partially won, as the tribunal also asked SpiceJet to refund Rs 5.79 billion, the