SpiceJet shareholders approve reappointment of Ajay Singh as director

Shareholders of SpiceJet on Monday approved the re-appointment of Ajay Singh as a director of the no-frills airline.

At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for financial year ended March 31, 2022.

In a regulatory filing, the carrier said the re-appointment of Singh as a director liable to retire by rotation was cleared by the shareholders with requisite majority.

Currently, Singh is the Chairman and Managing Director of the no-frills airline.

Singh was originally appointed as director on November 4, 2004 and subsequently resigned on August 27, 2010. Thereafter, he was appointed as Managing Director of the company on May 21, 2015.

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The budget carrier is facing multiple headwinds and reported a net loss of Rs 789 crore in the June quarter due to an adverse impact of high fuel prices and rupee depreciation.

On Monday, shares of the airline jumped nearly 7 per cent to close at Rs 37.85 apiece on BSE.

SpiceJet, on December 23, said it continues to explore various options for settlement of its outstanding dues with its creditors to normalise its obligations, subject to compliance with prescribed procedures and receipt of applicable approvals.

The transfer of cargo business undertaking is in progress and the company is awaiting final approval from its lenders as per the terms of the financial facilities availed from them, it had said in a regulatory filing.

Earlier, the company's shareholders had approved the transfer of the cargo business undertaking to its subsidiary SpiceXpress and Logistics Pvt Ltd along with all related assets and liabilities.