SpiceJet Faces FIR Over Provident Fund Dues

The Economic Offences Wing of Delhi Police has filed an FIR against SpiceJet's managing director and four officials for failing to credit employees' Provident Fund (PF) contributions, amounting to ₹65 crore, into their accounts. This followed a complaint by the Employees' Provident Fund Organisation, as the airline had deducted 12% from salaries towards PF dues from June 2022 to July 2024 but did not remit these amounts within the mandatory period. In response, SpiceJet announced it had cleared 10 months' worth of PF dues and all pending salary and GST payments after raising ₹3,000 crore through Qualified Institutional Placement (QIP). The airline is also addressing other outstanding dues and has resolved disputes with several lessors, including Engine Lease Finance Corporation. Despite these efforts, SpiceJet continues to face financial and legal challenges, including several insolvency petitions. The airline's shares have seen a decline, closing at ₹62.79 on the BSE.