Veteran BJP leader Subramanian Swamy demands probe into SpiceJet deal

NEW DELHI: Senior BJP leader Subramanian Swamy has demanded a probe into the SpiceJet deal, in which current promoter Ajay Singh acquired entire 58.46 per cent shares of the Maran family to take over control of the airline, alleging violation of the company law provisions.

In a letter to Prime Minister Narendra Modi, Swamy alleged that the sale of shares of over 58 per cent of the total equity of SpiceJet airlines was at "arbitrarily low and dud prices" for no apparent reason.

"The Sebi (Securities and Exchange Board of India) which is set up to monitor such transactions failed to do its job and permitted this sale of shares in violation of the Company Act provisions, which among other requirements mandated the offering of shares in such large number of sale shares first to the existing shareholders," Swamy said in his letter, dated April 20.