Crisis-hit SpiceJet board's approval today for transfer of promoter Maran family's stake as well as control to Ajay Singh coincided with Pongal, an auspicious day in South India.
Hailing from Chennai in Tamil Nadu, Marans run a formidable media empire in the South.
While there has been no official word on scheduling of board meeting today, it is believed that the promoters wanted to approve the deal for revival of SpiceJet on the auspicious day of Pongal.
Even though the no-frills carrier has been battling for survival for the past few weeks, today's board meeting and pursuant decision on ownership transfer came as a surprise.
Pongal, the harvest festival, is considered as very auspicious for important decisions.
