The Delhi High Court today directed SpiceJet Ltd to pass a board resolution within three days, that would enable transfer of shares to erstwhile shareholder of the airlines, Kalanithi Maran..Justice Manmohan Singh further stated that the the application of Maran made to BSE, for issuance of redeemable warrants worth 18 crore rupees, shall be considered by the body after the resolution is passed..As per the request made by Maran’s counsel, the BSE has been granted a time of two weeks to consider the said application after the board resolution has been passed..The Bench has also made some suggestions towards the resolution of the dispute which include a joint representation to be made by both, SpiceJet and Maran before SEBI and BSE, and that Maran should ‘consider’ making the payment of 100 crore rupees that is to be paid by him as per the Share Purchase Agreement..The order that was expected to be pronounced in Court yesterday, was instead handed out to the legal teams of both parties in the afternoon today. Earlier, Maran’s counsel had prayed for a direction from the Court that SpiceJet should be injuncted from creating third party rights on his shares..SpiceJet had responded to this by stating that the issue of transferring shares to anyone else did not arise as this was possible only after a board resolution is passed.
The Delhi High Court today directed SpiceJet Ltd to pass a board resolution within three days, that would enable transfer of shares to erstwhile shareholder of the airlines, Kalanithi Maran..Justice Manmohan Singh further stated that the the application of Maran made to BSE, for issuance of redeemable warrants worth 18 crore rupees, shall be considered by the body after the resolution is passed..As per the request made by Maran’s counsel, the BSE has been granted a time of two weeks to consider the said application after the board resolution has been passed..The Bench has also made some suggestions towards the resolution of the dispute which include a joint representation to be made by both, SpiceJet and Maran before SEBI and BSE, and that Maran should ‘consider’ making the payment of 100 crore rupees that is to be paid by him as per the Share Purchase Agreement..The order that was expected to be pronounced in Court yesterday, was instead handed out to the legal teams of both parties in the afternoon today. Earlier, Maran’s counsel had prayed for a direction from the Court that SpiceJet should be injuncted from creating third party rights on his shares..SpiceJet had responded to this by stating that the issue of transferring shares to anyone else did not arise as this was possible only after a board resolution is passed.