While hearing bail plea of Ajay Singh, chairman and managing director of SpiceJet, on Wednesday, the Delhi Court finds that the charges of fraud against him were serious in nature, as per media reports.
The case heard by Justice Dinesh Kumar Sharma urged the parties to explore options for a settlement.
Senior Advocate Sidharth Luthra, who has been represent Singh in the court, informed that he will explore options for settlement and will soon hold a meeting with opposition to discuss. The court has adjourned the case to August 8.
The case revolves around the accusation that Singh did not deliver the shares as per an agreement. It was alleged by a Delhi-based businessman and his family that they had entered share purchase agreement with Singh, which required him to award them with 10 lakh shares, in exchange for Rs 10 lakhs. However, the latter did not fulfill his end of the agreement. It was also alleged that Singh handed over outdated and invalid DIS (delivery instruction slip).