New Delhi: Refuting reports of a Rs 875-crore deal between SpiceJet and the Sun Group, the low-cost airline has clarified that business dealings between the two had been merely Rs 36.63 crore between FY2012 and FY2014.
"It is pertinent to note that for all the related party transactions entered into by the company under such an arrangement, the aggregate value of the transaction for the financial years 2011-12, 2012-13 and 2013-14 taken together is merely Rs 36.63 crore and is completely insignificant to the amount reported in the media," the company said in a filing to the BSE.
Earlier in the day, a newspaper report cited instances of draft agreements of a Rs 300 crore deal for placing SpiceJet's advertisements on platforms of Sun Direct, the group's arms which sells sattelite channel broadcast services. There were other deals of smaller sizes signed with its publishing arm KAL publications for placing advertisements for SpiceJet, the report said, adding such deals were signed at a time when the airline was making significant losses.
The company's filing said the media report "presumably"was based on company filings made in the past to the Registrar of Companies in pursuance with the requirements under the then Section 297 of the Companies Act.
14/01/15 Economic Times
"It is pertinent to note that for all the related party transactions entered into by the company under such an arrangement, the aggregate value of the transaction for the financial years 2011-12, 2012-13 and 2013-14 taken together is merely Rs 36.63 crore and is completely insignificant to the amount reported in the media," the company said in a filing to the BSE.
Earlier in the day, a newspaper report cited instances of draft agreements of a Rs 300 crore deal for placing SpiceJet's advertisements on platforms of Sun Direct, the group's arms which sells sattelite channel broadcast services. There were other deals of smaller sizes signed with its publishing arm KAL publications for placing advertisements for SpiceJet, the report said, adding such deals were signed at a time when the airline was making significant losses.
The company's filing said the media report "presumably"was based on company filings made in the past to the Registrar of Companies in pursuance with the requirements under the then Section 297 of the Companies Act.
14/01/15 Economic Times
No comments:
Post a Comment