SpiceJet Deposits Rs 144 Crore Following Supreme Court Order, Confident of Rs 449 Crore Refund

The Supreme Court has rejected SpiceJet 's request to challenge the Madras High Court's ruling requiring the airline to deposit Rs 144.00 crore in the ongoing Maran case. Following this decision, SpiceJet has assured all stakeholders that the Supreme Court order will have no impact on the company's day-to-day operations and remains confident of receiving a potential refund of Rs 449.00 crore upon completion of the legal process.

Official Company Response and Compliance

SpiceJet has issued an official press release addressing the Supreme Court's decision, emphasizing that normal business operations will continue unaffected. The airline confirmed it is examining the court order and will comply with all court directions as required. The company has clarified that the amount being paid is in the nature of a deposit held by the Court while SpiceJet's appeal is being decided.

Court Decision Details:	Amount/Status
Required Court Deposit:	Rs 144.00 crore
Expected Refund:	Rs 449.00 crore
Total Amount Paid to Maran/KAL:	Rs 730.00 crore
Principal Amount:	Rs 580.00 crore
Interest Component:	Rs 150.00 crore
Operational Impact:	None on day-to-day operations

Legal Case Background and Financial Details

The matter arises from a share transfer agreement involving SpiceJet, its promoter Ajay Singh, KAL Airways and Kalanithi Maran. SpiceJet has already paid a total of Rs 730.00 crore to Kalanithi Maran and KAL Airways, including the entire principal amount of Rs 580.00 crore and Rs 150.00 crore towards interest. The remaining amount, as directed by the court, will be deposited in accordance with the arbitration process.

Favorable Legal Developments

SpiceJet has highlighted several positive legal outcomes in the ongoing proceedings. Claims of over Rs 1,300.00 crore in damages made by KAL Airways and Kalanithi Maran have been rejected, and these orders have attained finality. Additionally, all challenges to the arbitral award by KAL Airways and Kalanithi Maran have been dismissed.

Current Legal Status

SpiceJet's claims against KAL Airways and Kalanithi Maran for a refund of amounts paid is being heard by the Delhi High Court, where there is a prima facie finding of the Court in favour of SpiceJet. The company views the current deposit requirement as a temporary financial arrangement rather than a permanent loss, expressing confidence in the eventual legal outcome.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.98%	-19.17%	-39.43%	-67.29%	-78.44%	-85.75%

Authum Investment & Infrastructure Limited has disclosed the invocation of a pledge on SpiceJet Limited shares under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The transaction, completed on February 25, 2026, involved the invocation of a pledge on 10,37,00,000 equity shares representing 6.80% of SpiceJet's total share capital.

Transaction Details

The pledge invocation resulted in two distinct outcomes for the shares involved:

Transaction Component	Number of Shares	Percentage of Total Capital	Action Taken
Shares Sold	6,00,00,000	3.93%	Sold for loan recovery
Shares Retained	4,37,00,000	2.86%	Continuing security for outstanding loan
Total Invoked	10,37,00,000	6.80%	Pledge invocation

Authum Investment sold 6,00,00,000 equity shares (3.93% of total share capital) to recover the loan amount due, while retaining 4,37,00,000 equity shares (2.86% of total share capital) in its dematerialized account as continuing security for the outstanding loan.

Shareholding Pattern Changes

The transaction altered Authum Investment's shareholding structure in SpiceJet while maintaining its overall stake percentage:

Holding Category	Before Transaction	After Transaction
Direct Equity Shares	3,72,14,108 (2.44%)	9,72,14,108 (6.37%)
Encumbered Shares	10,37,00,000 (6.80%)	4,37,00,000 (2.86%)
Total Holding	14,09,14,108 (9.23%)	14,09,14,108 (9.23%)

Company and Share Details

SpiceJet Limited's equity share capital remains unchanged at ₹15,26,09,94,920, comprising 1,52,60,99,492 equity shares of ₹10 each. The shares involved in the transaction are ordinary equity shares with a face value of ₹10 each and do not carry any special rights or features.

Regulatory Compliance

Authum Investment & Infrastructure Limited, which does not belong to the promoter or promoter group of SpiceJet, filed this disclosure pursuant to SEBI SAST Regulations. The company's shares are listed on BSE Limited, and the disclosure was made to both BSE and National Stock Exchange of India Limited as per regulatory requirements.

The transaction represents a strategic move by Authum Investment to recover loan amounts while maintaining a significant portion of shares as continuing security for outstanding obligations. The retained shares ensure ongoing collateral coverage for the lending arrangement between the two companies.