1984 - The Company was incorporated on 9th February as a private limited
company in the name and style of Genius Leasing Finance and
Investment Company Limited. The business was commenced on 14th
March. It was promoted by S.K. Modi of the Modi Group of
Companies. The main objective of the company is to manufacture
Private air taxi operation.
1993 - The name of the company was changed to MG Express Ltd. on 17th
- The Company diversified its activities into domestic aviation
operations. Since May, has been providing safe and reliable air
transportation for both the passenger and cargo. In the first
phase of operations, three Boing 737-200 advance air craft was
commissioned in service.
- The Company entered into an agreement with Lufthansa for spares,
services and maintenance and training of flight crew. The
Company was to pay DM 102,000 per plane, per month for dry lease.
- The Company is to provide two classes of services, first class
and economy class. Telecommunication lines were to be
established between airlines.
- In the second phase of operations, the Company was to acquire on
dry lease, four Boing 737-400, Advance Fuel Economic Aircrafts
and one Boing 737-200 aircraft. Three of the 737-400 airafts
would have a capacity of 150 seats and the remaining one with a
capacity of 164 seats.
- The Company entered into agreement with International
airlines such as Swissair, KLM-Royal Dutch Awtun, Qantas airways,
Air Canada etc.
- 2,00,000 shares allotted to public. 240,00,000 No. of equity
shares of Rs. 10 each issued in May-June, as follows:
- 214,00,000 rights equity shares of Rs. 10 each in proportion
107:1 (all were taken; up).
- 24,00,000 shares reserved for allotment to shareholders of Modi
- 2,00,000 shares to employees of Modi Threads Ltd.
- Another 150,00,000 shares were allotted to Business associates on
1994 - In September, the Company signed an MOU with Indian Oil
Corporation Ltd. to arrange the imports of aviation turbine fuel
and the first consignment was expected in the 2nd week of January
- Effective 12th April, the name of the company was changed from MG
Express Ltd. to Modiluft Ltd.
- 242,00,000 No. of equity shares of Rs. 10 each were then issued
in November, at a premium of Rs. 30 per share on rights basis in
prop. 1:1 (6,000 shares kept in abeyance).
- During the year under review the Company opened up several new stations
and at present is connecting most of the major business and tourist locations
across the Country.
- The Company proposes to expand its operations by adding 4
Boeing 737-400 aircraft to its existing fleet.
- On 23rd November, 1994, your Company was awarded the coveted status of a
Scheduled Airline. Consequently, the Company has also obtained the Associate
Membership of International Air Transport Association (IATA).
- The Company further issued 1.50 crore Equity Shares of Rs. 10/-each for cash at par
aggregating to Rs.15.00 crore to business associates on preferential basis, thus taking the
total Paid Up Capital of the Company to Rs. 39.20 crore during the year 1993-94.
- The Company has inter-line agreements with all major foreign Airlines, an extensive
network of sales agents and worldwide communication network for making reservations
from any part of the world which enables the Company to earn revenue in foreign
1995 - The Company in its initial stage entered into an 'Agreement on Technical Support' which
was further strengthened with 'Management Agreement' on 28th June, 1994.
- The Company is also setting up a working group in respect of each of the areas to
ensure the desired results are achieved.
- ModiLuft has tied up their Frequent Flyer Programme - MILES & SMILES with Deutsche
Lufthansa AG, with effect from 1st July, 1995.
- The Company also proposes to come out with a Rights Issue of Rs. 31.70 crores to
acquire additional aircrafts as per Company's expansion plans.
- Mrs. Malvika Poddar and Mr. Bernd Hildenbrand, Directors retire by rotation, being eligible,
offer themselves for reappointment.
1997 - Mr. D.K.Babbar and Mr. Kartik Shanker Aiyer, Directors retire by rotation and being
eligible, offer themself for reappointment.
1999 - The company has appointed Millenium Capital Management (Pvt.) Ltd. and
Khandwala Securities Ltd. as its Management and financial consultants.
- Mr. S. K. Modi and Mr. Merchant Bharat Bachubhai, Director retire by rotation and being
eligible, offer themself for re-appointment.
2000 - Country's defunct private domestic carrier Modiluft Ltd., which suspended
its operations in 1996, will be airborne again in January in a New avataar as
- The Board has allotted 81,077,500 redeemable preference shares of Rs 10
each to the Royal Holdings Service Ltd. USA.
- Modiluft Ltd has informed BSE that the Mr. Atul Sharma, Mr. Kishore Gupta, Mr. Siddhartha Sharma, Mr. Mansukhlal Kotecha and Mr. Vijay Kumar have been elected as Directors of the Company with effect from December 31, 2001. The aforesaid persons were earlier co-opted as Additional Directors.The Company has also informed that Mr. J.N.Gupta, Mr. S.K.Modi and Mr. B.B. Merchant have ceased to be Directors of the Company with effect from the same date.
- The company re-issued 1895348 forfeited equity shares of Rs 10 each at par on private placement basis
-The company has been informed by Delhi Stock Exchange that the shares of the company are delisted wef December 10, 2003.
-SpiceJet launches Delhi-Ahmedabad-Mumbai service on May 24, 2005
-SpiceJet launches its six-day a week services to Jammu and Srinaga on Nov 11, 2005
-SpiceJet ties up with Indiatimes
-SpiceJet joins hands with Nomura on Aug 15,2006
-Spicejet Ltd has informed that Mr. Osman Qureshi (nominee of Istithmar PJSC) has been appointed as director on the Board of the Company.
- SpiceJet stated that it will order 30 Boeing 737-800 aircraft to take its fleet size to 58 planes.