Ajay Singh Reappointed Director Of SpiceJet

24/02/2015 8:08 AM IST | Updated 15/07/2016 8:25 AM IST
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INDIA - JUNE 23: Ajay Singh, CEO and Managing Director of low-frills Spicejet for IT story on Low Cost Airlines. (Photo by Bandeep Singh/The India Today Group/Getty Images)

After approval from the Home Ministry, Ajay Singh will be appointed as Director on the board of SpiceJet with majority stake in his hand, they said.

With clearance from the Competition Commission of India (CCI) already in place, Singh is now awaiting nod from the Home Ministry for his appointment as Director on the board of SpiceJet.

Earlier in the day, Singh had said that the SpiceJet has already received Rs 100 crore infusion and, "the second tranche of Rs 400 crore should happen tomorrow or day after."

Under the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore from Singh in a staggered manner by April.

As per the plan, Singh would pump in another Rs 500 crore by March, followed by another instalment of Rs 500 crore by April end.

Sources also said that the airline is now regular on payments to all its vendors and whatever dues were left they would also be paid "shortly."

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