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<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

<ul><li>At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.30%, indicating a positive start for Nifty50. On Monday, the US stocks ended in positive territory as the head of the White House’s Operation Warp Speed said some Americans would be able to receive coronavirus vaccinations by mid-December. The Dow Jones Industrial Average closed 327 points higher, and the S&amp;P 500 was up 0.56%. These are the stocks to watch out for during the trading session today: Oil, paint, aviation stocks in focus Oil, paint and aviation stocks will be in focus during the trade as the<a href="https://www.businessinsider.in/stock-market/news/oil-jumps-to-highest-since-early-september-on-latest-sign-of-vaccine-progress/articleshow/79372419.cms"> crude oil prices </a>continue to rise. Crude oil climbed to its highest price since September 1 on Monday after AstraZeneca announced an encouraging update to the development of its coronavirus vaccine. Crude oil is a key component for manufacturing of paint and turbine fuel. Watch out for the likes of BPCL, HPCL, IOC, Asian Paints, Berger Paints, IndiGo, and others in these sectors. SpiceJet SpiceHealth, a company founded by SpiceJet promoters, has launched a budget Covid test. The company will conduct the Real-Time Polymerase Chain Reaction (RT-PCR) test for COVID-19 starting at ₹499. This will drastically reduce the price of the RT-PCR test which ordinally costs ₹3500. The shares of SpiceJet ended 3% lower on Monday. Ingersoll Rand India The promoter Ingersoll Rand Inc will sell up to 4.52% stake through an Offer for Sale (OFS) at a floor price of ₹578.6/share. The offer opens for non-retail investors today and tomorrow for retail investors. The shares of Ingersoll Rand India ended 3% higher on Monday. Coal India Four trade unions have served a one-day strike notice to the company and its arms on November 26; the company informed investors. Efforts would be made to avert the strike and conciliatory process is going on, it said, without giving out further details. Also, Coal India has raised non-coking coal prices by ₹10 per ton for regulated and non-regulated sectors The shares of Coal India ended 1% higher on Monday. GHCL The stock exchanges have given a no-objection letter for the demerger of the company’s textile business into GHCL Textiles. The shares of GHCL ended 2% higher on Monday. Muthoot Finance Gold loan NBFC Muthoot Finance has tied up with Bajaj Allianz General Insurance to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by insurer’s Group Affinity All Risk policy. The policy is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of a gold loan and the release of gold ornaments. The shares of Muthoot Finance ended 3% lower on Monday. PVR Gemasia has acquired 4.25 lakh shares or 0.77% stake in PVR at ₹1,265.67 per share. The shares of PVR ended 4% higher on Monday. GMR Infra A step-down subsidiary of GMR Infra, GMR Kamalanga Energy is required to pay claims of ₹1,005 crore to SEPCO Electric Power Construction Corporation towards project payments, prolongation costs, as confirmed by the arbitration tribunal. The shares of GMR Infra ended 6% higher on Monday. Jubilant Industries Jubilant Industries to transfer its liquor license and will not manufacture India Made Foreign Liquor hereon. The shares of Jubilant Industries ended 10% higher on Monday. Trigyn Technologies Trigyn Technologies has extended its contract with the United Nations for the provision of I.T. staffing support service till December 2021. The shares of Trigyn Technologies ended 10% higher on Monday. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/biden-will-pick-former-federal-reserve-chair-janet-yellen-to-head-the-treasury-department/articleshow/79378968.cms" data-type="tilCustomLink">Biden will pick former Federal Reserve Chair Janet Yellen to head the Treasury Department</a> <a href="https://www.businessinsider.in/politics/world/news/boris-johnson-to-relax-the-national-coronavirus-lockdown-and-allow-households-to-celebrate-together-over-christmas/articleshow/79368293.cms" data-type="tilCustomLink">Boris Johnson relaxes the national coronavirus lockdown and says families can meet to celebrate Christmas</a>

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

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Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

IANS

Top stocks to watch — BPCL, IndiGo, Asian Paints, SpiceJet, Coal India, PVR, GMR Infra, Ingersoll Rand, and others

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