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The Supreme Court has rejected SpiceJet‘s plea and has asked to deposit Rs 579 crore in the Delhi High Court in the share transfer dispute case.
The court had on July 3 order, directed the airline to deposit Rs 250 crore in cash deposit and Rs 329 crore by the way of bank guarantee and the Delhi bench upholded it.
The arbitration proceedings are underway and have been expected to be completed within six months.
The case has been related to a dispute between KAL Airways and Spicejet, it was related to non-issuance of warrants in favor of Kalanithi Maran, the non-executive chairperson of KLA after the transfer of ownership to Ajay Singh.
