It is official. Marans to transfer SpiceJet ownership to Ajay Singh

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The announcement at the Bombay stock exchange by SpiceJet Ltd. says it all.

Spicejet Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 15, 2015, inter-alia, has taken on record the proposal of the principal shareholder and Promoter, Mr. Kalanithi Maran and KAL Airways Private Limited to transfer the ownership, management and control of the Company to Mr. Ajay Singh pursuant to a ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet Limited’ to be filed before the Competent Authority, the Ministry of Civil Aviation, Government of India.

The Board has further directed the Company to take further steps to implement and undertake all necessary steps including to make the appropriate application before the Ministry of Civil Aviation, Government of India for seeking approval of the ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet Limited’.