Shares of SpiceJet on September 15 climbed more than 4% after the company completed a payment of $1.5 million to global investment bank and financial services firm Credit Suisse. The stock gained 4.22% to ₹40 after a positive beginning on the Bombay Stock Exchange (BSE.)
SpiceJet has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse, according to a company statement on September 15. “The payment was executed on Thursday,” it added.
The Supreme Court had come down hard on SpiceJet chairman and Managing Director Ajay Singh, warning him he will be sent to Tihar jail for non-compliance with its order on making payment to Credit Suisse AG.
The top court had asked Singh to pay $5,00,000 towards an instalment to the Swiss firm along with a $1 million defaulted amount.
In a statement on Tuesday, the airline said, “SpiceJet acknowledges the legal process and is committed to complying with all court’s directives and obligations in the Credit Suisse case and will make the payment of $1.5 million as per the court directive. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse.” “SpiceJet remains committed to the highest standards of transparency and legal compliance. This liability is an old one and predates the current promoter taking over the company,” it had said.
According to the Swiss firm, SpiceJet had availed the services of SR Technics, Switzerland, for maintenance, repair, and overhaul of aircraft engines, modules, components, assemblies, and parts, which were mandatory for its operations.