>SpiceJet ends 13% down as purchase by Maran comes under CBI lens – Economic Times

Posted on February 4, 2011 by

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NEW DELHI: As CBI digs deep to crack the money trail of bribes paid by a host of telecom players for the purchase of 2G spectrum, the purchase of low cost airline SpiceJet by media czar and Sun TV promoter Kalanithi Maran has come under CBI’s scanner. Maran is the grand nephew of DMK chief M Karunanidhi and brother of Union Textiles Minister Dayanidhi Maran.

Shares of SpiceJet ended down 12.81 per cent at Rs 48.65 on the Bombay Stock Exchange . Maran had acquired a 37.75% stake in the Delhi-based low-cost airline SpiceJet in June last year. But negotiations for the deal started much earlier and the investigative agency believes that part of the kickback money received from the sale of spectrum may have found its way into the airline’s purchase.

A Raja , who, along with his former private secretary RK Chandolia and former Telecom Secretary Siddharth Behura, was arrested by CBI on Wednesday for his role in the scam, is believed to have been questioned about the SpiceJet purchase and the source of the funding behind it.

The deal is estimated to range between Rs 750-800 crore as Maran is said to have agreed to pay Rs 47 per share to the airline promoters, which include Wilbur Ross and his investment companies as well as Bhupendra Kansagara.
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