Ajay Singh back in SpiceJet's cockpit, Maran to exit

Capping weeks of uncertainty over its future, beleaguered SpiceJet today said its promoter Kalanithi Maran would transfer his entire stake in the carrier to original founder Ajay Singh as part of plans to revive it.
The proposal of the principal shareholder and promoter, Maran and KAL Airways Pvt Ltd, to transfer the ownership, management and control of the no-frills airline to Singh was approved by the SpiceJet board at its meeting today.
In a filing to the BSE, the carrier said the step is pursuant to a "Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet".
The scheme would be submitted to the Civil Aviation Ministry for approval.
SpiceJet, which has been going through a turbulent patch, has been looking to infuse fresh capital as part of efforts to revive its sagging fortunes.

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