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SpiceJet Stock Jumps After Supreme Court Dismisses ₹1,323 Crore Claim

The court upheld the Delhi High Court’s delay ruling, closing a decade-long promoter dispute over unissued warrants and preference shares.

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SpiceJet Rises 7% After 3 Days Of Losses, Here's Why

Overview

  • A Supreme Court bench of Justices P.S. Narasimha and A.S. Chandurkar dismissed Kalanithi Maran’s and KAL Airways’ special leave petitions, upholding the High Court’s ruling.
  • The Delhi High Court had described a 55-day delay in filing and a 226-day delay in re-filing appeals as a ‘calculated gamble’ and refused to condone either lapse.
  • The dispute dates to a 2015 deal in which Maran and KAL Airways sold a 58.5% stake in SpiceJet to Ajay Singh with pledges of warrants and preference shares that were never issued.
  • SpiceJet shares jumped more than 6% intraday on Wednesday, with trading volumes more than doubling as investors welcomed the end of the liability risk.
  • By finally resolving the ₹1,323-crore damages claim, the ruling removes a major legal overhang and may bolster confidence in India’s aviation corporate governance.