SpiceJet refutes claims by KAL Airways, Kalanithi Maran; stock down
SpiceJet share price: On the stock-specific front, SpiceJet was last seen trading 1.03 per cent lower at Rs 57.67. Around 7.31 lakh shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 28.62 lakh shares.
Budget carrier SpiceJet Ltd on Tuesday refuted the claims made by KAL Airways and Kalanithi Maran regarding seeking damages of Rs 1,323 crore. “These assertions are not only legally untenable but also a regurgitation of previously rejected claims by the Arbitral Tribunal and then the Delhi High Court,” the airline stated.
piceJet mentioned that KAL Airways and Maran initially sought damages of more than Rs 1,300 crore during the arbitration proceedings. This claim was thoroughly examined and subsequently rejected by a panel of three retired Supreme Court judges, it added.
“Following this, KAL Airways and Maran appealed to the Single-Judge Bench of the Delhi High Court, seeking the same amount in damages, which was again rejected by the court. Notably, they chose not to pursue any appeal before the appellate jurisdiction and consequently, the matter attained finality. This matter is devoid of any merit and appears to be an endeavour to sensationalise the issue and mislead the public,” the carrier underscored.
“The Division Bench of the Delhi HC on May 17, 2024, ruled in favour of SpiceJet and Ajay Singh. Following the success before the Division Bench of the Delhi HC, SpiceJet will now pursue a refund of Rs 450 crore as outlined,” it further stated.
KAL Airways and Maran, on their part, have announced that they will seek more than Rs 1,323 crore in damages from SpiceJet and its chief Singh, while also challenging the recent Delhi HC order in their ongoing dispute.
On the stock-specific front, SpiceJet was last seen trading 1.03 per cent lower at Rs 57.67. Around 7.31 lakh shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 28.62 lakh shares. Turnover on the counter came at Rs 4.23 crore, commanding a market capitalisation (m-cap) of Rs 4,512.41 crore.
Bourses BSE and NSE have put the securities of SpiceJet under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
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