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Published on Sat, Mar 07,2015 | 14:24, Updated at Sat, Mar 07 at 14:24Source : CNBC-TV18
The Spicejet deal gets curiouser & curiouser. Over the last 40 days the ownership, management and control of Spicejet has been taken over by Ajay Singh. The deal was done via a scheme of reconstruction and revival and in an off-market transaction Singh acquired the 58.46% stake owned by erstwhile promoter Kalanithi Maran. The Marans have resigned from the Spicejet board and Ajay Singh is the new promoter. But we still have no details regarding the reconstruction & revival scheme, no disclosure of the acquisition price and considerable legal confusion over the missing mandatory open offer. Now, 40% of Spicejet is owned by the public. So here's where I'm stuck – can a public listed company be acquired without disclosing the acquisition scheme or the purchase price? CNBC-TV18's Menaka Doshi speaks to JSA's Somasekhar Sundaresan and NDA's Nishchal Joshipura for some answers.
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