Published: Sat, September 23, 2017
IT | By Amos Hawkins

Spicejet Co-Founder Ajay Singh ready to take charge of NDTV

Spicejet Co-Founder Ajay Singh ready to take charge of NDTV

The source said that Ajay Singh will also pick up NDTV's debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore.

So who is this frequent headline-grabber?

The rumour also got attention because of the fact that Ajay Singh has a political connection and history with BJP.

SpiceJet and NDTV have, however, denied any such move. His magic stint as the director swung the loss-making Delhi Transport Corporation into profit, an article in the Outlook magazine said.

From there, he went on to famously become the man who coined the hugely popular Ab ki Baar Modi Sarkar slogan.

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Singh's stint with the media however dates back to Pramod Mahajan's NDA rule when Singh played an active role in launching DD Sports and planning of DD News. The court has asked Singh to pay Rs 579 crore to Maran in the share dispute. The report also said, "NDTV had hit 52-week high of Rs 92.20 on September 23, 2016, while 52-week low of Rs 33.50 on August 9, 2017", and that the stocks advanced 4.94 per cent to Rs 53.10 this morning.

Net sales of the company stood at 105.82 crore in Q1FY18 over Rs 106.41 crore in Q1FY17.

It has been a miraculous turnaround since then. After getting speedy approvals from the government, he acquired 58.46 per cent shareholding in SpiceJet from Kalanithi Maran and Maran-owned Kal Airways Private Ltd in February 2015.

But it is not like Ajay Singh has never been under a cloud and that all his calls have been resounding successes. "He was a great human being with unlimited dynamism", Singh has been quoted as saying in this Business Standardprofile. "The "suit-filed" database, maintained under Reserve Bank of India (RBI) guidelines, is meant to alert banks and financial institutions (FIs) against borrowers that have defaulted on their dues to other lending institutions". He also turned around the grounded ModiLuft and renamed and launched it as SpiceJet.

It came in response to a clarification sought by BSE on reports suggesting stake purchase by Singh in the company.

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