On May 27, KAL Airways and Kalanithi Maran announced their intention to seek damages exceeding Rs 1,323 crore from SpiceJet and its chief, Ajay Singh. This decision arises from a protracted legal dispute rooted in a 2015 agreement. Under this agreement, Ajay Singh, one of the original promoters of SpiceJet, acquired a controlling stake in the airline from Kalanithi Maran and KAL Airways.
The dispute has primarily revolved around share transfers and non-issuance of warrants convertible into equity shares. Kalanithi Maran and KAL Airways allege that SpiceJet and Ajay Singh failed to honor these commitments, which has led to substantial financial losses for them.
In their recent statement, KAL Airways and Kalanithi Maran have articulated their demand for compensation to cover the losses and damages they claim to have incurred due to this ongoing dispute. This move marks another significant development in the ongoing legal battle between the parties involved.
