SpiceJet gave Rs 32 cr advance to Ajay Singh in FY25; says not prejudicial to its interest

Mumbai, Sep 11 (PTI) SpiceJet, which had faced multiple headwinds, provided Rs 32 crore as an interest-free advance to its Chairman Ajay Singh in 2024-25, and the amount is being adjusted from his monthly salary.

Currently, the airline has 19 planes in operation and had a domestic market share of 2 per cent in July.

During 2024-25, SpiceJet provided an interest-free advance to Singh, who is the Chairman and Managing Director, an amount of Rs 32 crore for a five-year period in accordance with the Nomination and Remuneration Committee and board-approved policy of the company, as per the airline's latest annual report.

"The company has adjusted the advance from the salary of subsequent months (April and May 2025) as per the company's policy. Further, this advance is not prejudicial to the interest of the company," the report said.

In the last financial year, Ajay Singh was paid a remuneration of Rs 7.2 crore A SpiceJet spokesperson, in a statement on Thursday, said the advance was not a grant or a special dispensation but a simple advance as per policy, which is being adjusted from the monthly salary.

"The advance is being already repaid, and the balance continues to be recovered in a structured manner.

"The company follows transparent governance practices and ensures that all such transactions are duly disclosed, audited, and compliant with applicable laws and corporate governance standards," the spokesperson said.

The airline raked in a net profit of Rs 58.1 crore in the year ended March 31, 2025. PTI IAS RAM SHW