The Delhi High Court, presiding over the bail plea of Ajay Singh, Chairman and Managing Director of SpiceJet, on July 19, acknowledged the gravity of the fraud allegations against him in a share transfer agreement.
Judge Dinesh Kumar Sharma, hearing the case, expressed that the allegations appeared to be serious in nature. The court urged the parties involved to explore the possibility of reaching a settlement. "The allegations in the complaint seem to be serious in nature," observed Judge Dinesh Kumar.
Senior advocate Sidharth Luthra, representing Singh, informed the court that he would actively explore options for settlement with the opposing party and initiate discussions soon. Luthra also stated that the allegations were not as serious as they were made out to be. The court adjourned the case to August 8. In a previous instance, the court had also encouraged the parties to settle the matter, but they were unable to reach an agreement.
The case revolves around the transfer of shares of the low-cost airline to specific individuals. A Delhi businessman and his family alleged that they entered into a share purchase agreement with Singh, paying Rs. 10 lakh for 10 lakh shares, but Singh failed to deliver the shares as agreed. Furthermore, it was alleged that he provided outdated and invalid delivery instruction slips (DISs).
In April 2022, the high court granted interim relief to Singh, protecting him from any coercive action by the police. However, in September 2022, the court clarified that it had not stayed the investigation against Ajay Singh.
Last month, Singh's anticipatory bail application was rejected by the trial court, which stated that there were insufficient grounds to grant relief considering the overall facts, circumstances of the case, and the gravity of the offence.
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Picture Source : <a href="https://commons.wikimedia.org/wiki/File:SpiceJet_VT-SZI_at_Bangalore,_Sept_2015.jpg">Venkat Mangudi</a>, CC0, via Wikimedia Commons