According to sources, Singh has said he wants Marans to pay nearly Rs 1100 crore in liabilities. But Marans have disagreed to pay the amount in a crucial meeting held with Singh and others this evening.
There seems to be no end to SpiceJet 's troubles. Sources say talks between the airline's former promoter Ajay Singh and its current promoters the Marans are on the brink of a break down.
According to sources, Singh has said he wants Marans to pay nearly Rs 1100 crore in liabilities. But Marans have disagreed to pay the amount in a crucial meeting held with Singh and others this evening.
The Maran family wants to exit the airline completely.
Singh had helped set up the airline in 2005. He is in talks with US-based private equity investors to raise funds and lead a turnaround of the low-cost airline.
The beleaguered airline company ran into trouble when aviation regulator DGCA forbid it to offer or sell tickets beyond a month, which was later revised to March 31.
The company's problems surfaced in November after it sharply reduced the number of flights and returned some aircraft. It owes money to airport authorities, employees, vendors and even the government.
SpiceJet stock price
On January 06, 2015, at 09:20 hrs SpiceJet was quoting at Rs 16.40, down Rs 1.05, or 6.02 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -0.99.
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