SpiceJet clears 10 months of Provident Fund dues to employees after ₹3,000 crore QIP

SpiceJet deposited ten months' worth of Provident Fund (PF) dues, after its recent payments of Goods and Services Tax (GST) and employee salary arrears

Published on: Oct 4, 2024, 18:32:01 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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SpiceJet has deposited ten months' worth of Provident Fund (PF) dues on Friday, October 04, 2024, according to an Economic Times report, which added that this came just days after the airline cleared all its Goods and Services Tax (GST) payments and settled all salary arrears.

The airline also successfully reached settlements with multiple lessors (Reuters)

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"SpiceJet is pleased to announce that within the first week of raising fresh funds through the Qualified Institutional Placement (QIP), the airline has cleared all pending salary and GST dues and has made significant progress by depositing ten months of PF dues, and the process of clearing other outstanding dues ongoing," the report quoted the airline's spokesperson as saying.

Apart from this, the company also successfully reached settlements with multiple lessors, according to the report.

SpiceJet had announced it resolved a dispute with Engine Lease Finance Corporation (ELFC) on September 24, 2024, settling with an undisclosed amount, with ELFC previously claiming $16.7 million.

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This comes after SpiceJet raised ₹3,000 crore through a Qualified Institutional Placement (QIP) last month.

A QIP enables a listed company to raise capital quickly by issuing securities to select qualified investors without having to submit pre-issue filings market regulator Sebi.

SpiceJet's QIP attracted a number of investors including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.

The airline also revealed earlier it had not paid about ₹220 crore in tax deducted at source (TDS) from employees' salaries between April 2020 and August 2023.

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