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Delhi High Court asks SpiceJet to grant warrants to Marans

SpiceJet has assured the court that it will maintain status quo and not transfer shares to any third party till it passes an order.

By: ENS Economic Bureau | New Delhi |
March 12, 2016 1:55:48 am

The Delhi High Court on Friday asked SpiceJet to pass a board resolution to issue stock warrants to Sun Group managing director Kalanithi Maran and his Kal Airways Pvt Ltd, as per a sale purchase agreement of 2015, which led to a change in ownership of the carrier.

Justice Manmohan Singh asked both sides to come with the draft terms they are agreeable to, and then he would pass orders on the petition moved by Maran seeking a stay on transfer of any shares of the airline. SpiceJet has assured the court that it will maintain status quo and not transfer shares to any third party till it passes an order. The matter has been listed for orders on March 14. FE

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