According to people with knowledge of the development, SpiceJet's Chief Operating Officer (COO), Arun Kashyap, and Chief Commercial Officer (CCO), Shilpa Bhatia, have resigned from the company and are currently serving their notice periods. When Business Standard asked the airline for a statement on this, it didn't reply.
In August 2023, Meenakshi Kashyap, Arun Kashyap's wife, and Ajay Bhatia, Shlipa Bhatia's husband, founded Sirius India Airlines Private Limited. At that time, SpiceJet declared that Sirius India Airlines will only engage in further activities with its approval.
SpiceJet has experienced financial difficulties over the last few quarters. Along with money owed to former owner Kalanithi Maran, financial services company Credit Suisse, aircraft lessors, and engine lessors, it is also handling numerous court proceedings.
In early January, shareholders authorized SpiceJet's preferential issue of equity and warrants, which allowed the airline to fund a second tranche of Rs 316 crore on February 22. The airline received its initial infusion of Rs 744 crore on January 26.
The troubled airline's shareholders approved the plan on January 11 to raise a total of Rs 2,241.5 crore through the issuance of warrants and stock. Of these, Rs 650 crore would be raised by selling warrants to five additional corporations on a preferential basis, and Rs 1,591.5 crore will be raised by the issuance of shares to 58 entities.
