Delhi HC orders SpiceJet to pay Rs 380 cr to Maran
Delji High Court has asked SpeiceJet to pay Kalanithi Maran Rs 380 cr; Patanjali Foods is going to dilute its stake by 6%; lenders have refused to let Go First use undrawn funds
The Delhi High Court has ordered low-fare airline SpiceJet to pay ₹380 crore to its former promoter, Kalanithi Maran of the Sun Group, and asked it to submit an affidavit of assets within four weeks. The ruling is a setback to the airline, which had surprised with a four-fold increase in earnings to Rs 106.8 crore in the December quarter, and comes amid a battle with aircraft lessors over payments. The High Court ruling on May 29, 2023 originates from a long-running battle between the Maran family and the current promoter, Ajay Singh, and SpiceJet, over contractual obligations. Maran sued SpiceJet in 2017 for allegedly causing losses by failing to issue convertible warrants and preference shares to him and his KAL Airways.
Patanjali Foods promoters to dilute 6% share
Patanjali Foods Ltd, on Wednesday said that its promoters plan to sell shares to institutional investors in June through Qualified Institutions Placement (QIP) and Offer for Sale (OFS) for dilution of a 6% stake to meet minimum public shareholding norms of 25%. At present the public shareholding in Patanjali Foods stands at 19.18%, which needs to be increased to a minimum of 25% to meet the minimum public shareholding norms. According to the rules, it is mandatory for a listed entity to have a minimum public holding of 25%.