New Delhi
While SpiceJet faced its second-largest loss in FY23, the annual report reveals a notable increase in Chairman Ajay Singh’s remuneration, reaching a three-year high. Singh received Rs 60 million against the approved Rs 72 million, with provisions made for the remaining Rs 12 million. The report highlights the Nomination and Remuneration Committee’s policy for director appointments and remuneration.
In the ongoing legal dispute with Kalanithi Maran over dues from an arbitral award, Singh has been summoned for the third time. The proceedings were adjourned, and Singh is directed to appear before a new bench in February. The dispute, ongoing since September 2023, has faced delays due to changes in overseeing benches.
Amidst this, Singh announced SpiceJet’s exclusive rights to operate flights to Lakshadweep during the annual general meeting. The carrier plans to launch flights to Agatti Island, eliminating the current route through Kochi. Singh highlighted the positive impact of the recently infused Rs 2,250 crore funds, contributing to a stronger and more resilient SpiceJet. The airline aims to bring grounded planes back into operation and expand its network, with plans to launch flights connecting Ayodhya with multiple cities in the country.
