Mumbai, Jan 14 (IANS): Budget carrier SpiceJet Wednesday refuted a report that it had diverted funds to other group companies of parent firm Sun Group.
The company's denial came after a media report claimed that SpiceJet had diverted Rs.875 crore to sister companies for SpiceJet's advertisements.
"The company has entered into agreements with group-company only to the extent
required for its joint marketing and media purchasing activities," SpiceJet said in a filing to the Bombay Stock Exchange (BSE).
"These have been done after obtaining requisite approval of statutory authorities and in full compliance of the law of the land."
The filing further said that the total value of transactions entered into by the company under such arrangement is merely Rs.36.63 crore for all the financial years 2011-12, 2012-13 and 2013-14 taken together.