Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

IndiGo Promoter Rakesh Gangwal Says Feud With Co-founder Still Unresolved

Gangwal last month alleged violations of corporate governance rules at InterGlobe, calling for India's securities regulator to intervene.

Reuters

Updated:August 6, 2019, 2:22 PM IST
facebookTwitterskypewhatsapp
IndiGo Promoter Rakesh Gangwal Says Feud With Co-founder Still Unresolved
Image for representation.
Loading...

Bengaluru: A co-founder of India's biggest airline IndiGo, Rakesh Gangwal, said reports that a truce had been brokered between him and another co-founder Rahul Bhatia over disagreements on corporate governance were "false and misleading."

In a letter dated August 5, Gangwal told the board of IndiGo’s parent InterGlobe Aviation Ltd that issues between him and Bhatia remained unresolved. Gangwal last month alleged violations of corporate governance rules at InterGlobe, calling for India's securities regulator to intervene.

At the centre of Gangwal’s complaint were Bhatia-controlled IGE Group's significant controlling rights over IndiGo, which he alleged allows them to carry out "questionable" transactions.

In the latest letter, disclosed by InterGlobe to exchanges on Tuesday, Gangwal said he did not back a proposal by the airline to expand its board of directors to 10, arguing that it would benefit IGE and help it "rework and dilute" an agreed-upon policy on related-party transactions.

InterGlobe lost almost $1 billion in market value on July 10 after Gangwal disclosed his complaint to regulators, although the shares have recouped most of those losses since then.

The stock rose around 2% on July 24 after the Economic Times reported that InterGlobe chairman M Damodaran had brokered a truce between the co-founders. Under Gangwal and Bhatia, IndiGo has grown rapidly since it launched flights in 2006 and now controls a near 50% share of the Indian domestic aviation market.

IndiGo, Asia's most valuable budget airline by market capitalisation, has also accelerated international expansion plans since Jet Airways, once India's largest private carrier, collapsed in April.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 732.35 -2.65
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results