Friday, April 24, 2015

Subramanian Swamy smells a rat in SpiceJet buyout, writes to PM Modi demanding probe

Subramanian Swamy has waded into the controversy over the acquisition of a controlling stake by former promoter Ajay Singh in SpiceJet.
The BJP MP has written a letter to Prime Minister Narendra Modi, making several allegations against this transaction which has enabled Singh to acquire over 58% stake in the listed airline from former promoters, the Marans. Singh appeared as a white knight to save the ailing SpiceJet which had to briefly ground operations in December last year for lack of cash to pay oil companies. Singh bought out the promoters and has also committed to invest Rs 1500 crore in tranches into the airline to revive its fortunes.
Swamy earlier took to twitter to question the deal, saying he may move court against it. Here are the allegations he has made in the letter dated April 20, addressed to the PM.
24/04/15 Sindhu Bhattacharya/First Post
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