The dispute between Maran and SpiceJet dates back to 2015 when SpiceJet CMD Ajay Singh acquired the airline from Maran, who had transferred his 58.46% stake for just Rs. 2. The agreement included Maran receiving redeemable warrants as compensation for his previous investments as a promoter, totaling Rs. 18 crore and equivalent to a 26% stake in SpiceJet. However, Maran did not receive either the warrants or preference shares he was entitled to. So, Maran initiated arbitration proceedings against SpiceJet.