Spicejet dismisses reports regarding share acquisitions by Kalanithi Maran

SpiceJet dismissed (07-Feb-2011) a report in the Economic Times that shares purchase by Kalanithi Maran were acquired with funds currently under investigation by the Indian Central Bureau of Investigation. The carrier has issued a legal notice to the Economic Times to issue a retraction in the matter. SpiceJet affirmed that all shares purchased by Mr Maran were acquired in compliance with all statutory requirements. The funds were raised by borrowing from mutual funds/financial institutions against pledge of shares held by Mr Maran in Sun TV Network Limited. [more]