Kalanithi Maran loses ₹1,300 cr arbitration against SpiceJet

An arbitration tribunal has rejected media tycoon Kalanithi Maran's ₹1,300 crore claim for loss on account of non-issue of share warrants by SpiceJet. The tribunal, however, awarded Maran a refund of ₹579 crore, the subscription amount he made for the warrants. Maran sold his 58.46% stake in SpiceJet to current chairman Ajay Singh for a nominal ₹2 in 2015.