On 19th July, the Delhi High Court, while hearing a bail plea by Ajay Singh, Chairman and Managing Director of SpiceJet noted that the allegations against him of fraud in a share transfer agreement were serious in nature.
Justice Dinesh Kumar Sharma, who heard the case, urged the parties explore options for a settlement.
It was alleged by a Delhi businessman and his family that they had entered into a share purchase agreement with Singh and paid Rs 10 lakh for 10 lakh shares, but Singh did not give the shares. It was also alleged that he had handed over outdated and invalid DIS.
Sidharth Luthra, who is a senior advocate appearing for Singh, informed the court that he will soon explore more options for settlement with the opposite party and hold discussions with them. Luthra told the court that the allegations were not serious in nature. The court has accordingly adjourned the case to 8th August. The court had on an earlier occasion too asked the parties to settle but they could not reach a deal.
His anticipatory bail application was rejected by the trial court last month, stating that it did not find sufficient grounds to grant relief to him in view of the overall facts and circumstances of the case and the gravity of the offence.