July 12, 2022
4 mins read

SpiceJet MD booked for cheating, company calls it ‘bogus’

The Complainant is in the business of providing non-aeronautical services including airport retail and hospitality services…reports Asian Lite News

A case of fraud has been registered against SpiceJet Chairman and Managing Director Ajay Singh and others for allegedly cheating a Gurugram resident by delivering fake share certificates to him.

Complainant Amit Arora, a resident of the Magnolias, Golf Links, Golf Course Road, Gurugram, stated in his police complaint that Singh had delivered a fake depository instruction slip (DIS) of 10 lakh shares for services provided to him.

In connection with the incident, a case under Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Indian Penal Code (IPC) was registered at the Sushant Lok police station on July 7.

The Complainant is in the business of providing non-aeronautical services including airport retail and hospitality services.

Arora told the police that in 2015, the erstwhile promoters of Spicejet i.e. Kalanithi Maran and Kal Airways Private Limited entered into a Share Sale and Purchase Agreement with the accused Ajay Singh wherein their entire shareholding was transferred to him.

“Singh told me to take over the company as it was in a dire financial situation in terms of fuel charges with various oil companies, pending statutory dues, air fleet parking charges, salaries and other vendor payments, etc. To survive, they said, company required a complete overhaul and financial restructuring,” Arora told the police.

In place of the same, Singh promised to transfer 10,00,000 shares to the complainant.

Thereafter, the complainant worked in good faith and delivered his services.

In October 2016, the complainant requested Singh to transfer shares as had promised to him.



Instead of transferring shares, Singh provided a DIS. Singh represented that to deposit such slip with his depository participant, Global Capital Markets Limited. However, when the complainant’s representative went to deposit the said slip, he was informed that it was invalid and outdated.

Thereafter, the complainant approached the accused multiple times and sought personal appointments to seek fresh depository instruction slips.

The complainant said, Ajay Singh, on one pretext or the other, refused appointments. He further assured that the complainant should not get worried and soon he would provide fresh depository instructions. The sudden change in stand, from stating that the slips were valid to fresh slips would be provided, was inexplicable. During the entire course of 2017, accused Ajay Singh refused to meet the complainant.

During this, Arora got to know of the other cheating case against Singh. Finding similarities between the two, the complainant then looked into the allegations against Singh and found that it was similar to his matter as well.

The complainant told the police that he conducted inquiries into the arbitration proceedings allegedly pending between Ajay Singh and the erstwhile promoters of SpiceJet.

The complainant found that the arbitration proceedings had awarded in favour of the accused.

The complainant has been further made aware that the erstwhile promoters had filed an appeal against the said arbitral award which is presently pending before the Delhi High Court and that there is no stay on such award or any restriction on the transfer of shares.

The accused has thoroughly misrepresented the complainant. The accused deceived the complainant by providing an invalid slip. He further misled the complainant about the arbitration proceedings pending between him and the erstwhile promoters.

It has now come to the knowledge of the complainant that the accused used an almost identical method to defraud other persons and that about the same, different FIRs already stand registered against the accused in respect of those transactions at PS Greater Kailash, PS Hauz Khas, and at PS Rajinder Nagar in Delhi, Arora told the police.

The complainant urged the police that he has been defrauded and has been caused the wrongful loss by the action of the accused Ajay Singh. The method and manner of cheating and misappropriation, and identification of other perpetrators in this process, are all matters which require a sustained investigation by a specialized agency.

“A case of fraud related to delivering a fake DIS of 10 lakh shares for services provided to the complainant has been registered against SpiceJet Chairman and Managing Director Ajay Singh and others. We are probing all related documents related to the matter. Action will be taken as per the prescribed law,” Poonam Hooda, station house officer (SHO) of Sushant Lok Police Station told IANS.

Meanwhile, the SpiceJet dismissed the complaint as ‘frivolous, mischievous and bogus’.

“A frivolous, mischievous, and completely bogus complaint has been filed by liquor dealer Amit Arora with the Gurgaon police with an intention to hurt SpiceJet and Mr Ajay Singh’s image. At no point has the company sought any service from him, nor did he ever provide any kind of service to SpiceJet. Neither Mr Singh nor any concerned person from SpiceJet has ever met the complainant for any work, nor is there any written agreement between them. We are confident that the police investigation will prove the same and the FIR will be quashed. A defamation suit will be filed against the complainant by SpiceJet and Mr Singh,” SpiceJet spokesperson said.

ALSO READ: Sonia forms political affairs committee for Karnataka

Previous Story

Sonia summoned on July 21 in National Herald matter

Next Story

Medha Patkar faces probe for allegedly misusing funds

Latest from India News

PM Modi Heads to Accra, Signals South-South Priority

The Prime Minister will then travel to Trinidad & Tobago from July 3-4, a country he said shares “deep-rooted historical, cultural and people-to-people connect” with India…reports Asian Lite News Prime Minister Narendra

White House Focus on India COMPACT

The Secretary affirmed the strength of the US-India relationship, highlighting implementation of the US-India COMPACT…reports Asian Lite News The US-India COMPACT—a comprehensive framework for bilateral cooperation—took centre stage during the meeting between

India-US Trade Deal Likely This Week

The interim trade deal would be an initial step towards a comprehensive bilateral free trade agreement between Indian and the US….reports Asian Lite News India is expected to finalise an interim trade

Global South Finds Its Campus in India

The question is no longer if India can attract global talent, but whether it can build the conditions to do so at scale—with care and vision. Done right, India could emerge as

Jaishankar Gets Real on India-US Ties

The EAM underlined the structural drivers of the bilateral relationship, saying, “The trend line over the last 25 years has actually been very strong….reports Asian Lite News External Affairs Minister S. Jaishankar
Go toTop

Don't Miss

India tops in security spending

Australia and India are the next two largest countries in

India Strongly Protests UK Envoy’s PoK Visit

British High Commissioner to Pakistan Jane Marriott visited Mirpur city