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1-min read

Government Intervenes in IndiGo Promoters’ Spat, Seeks Comments from InterGlobe Aviation

Last week, IndiGo co-founder Rakesh Gangwal accused other co-founder Rahul Bhatia of serious governance lapses.

News18.com

Updated:July 16, 2019, 7:33 PM IST
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Government Intervenes in IndiGo Promoters’ Spat, Seeks Comments from InterGlobe Aviation
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New Delhi: In the ongoing tussle between the two promoters of IndiGo airlines, the ministry of corporate affairs (MCA) has sought comments from InterGlobe Aviation, the parent company of IndiGo. The rift has taken a toll on the shares of the company and has cast a shadow on the running of India’s largest airline.

Last week, IndiGo co-founder Rakesh Gangwal accused other co-founder Rahul Bhatia of serious governance lapses. He had then approached the market regulator SEBI to intervene in the matter.

The MCA has now asked InterGlobe to provide answers on all allegations of corporate governance lapses that Gangwal pointed at, CNBC TV18 reported. The InterGlobe has reportedly been given time of 2-3 weeks to respond.

Gangwal and his affiliates have around 37 per cent stake in InterGlobe Aviation while Bhatia and his affiliates (IGE Group) have about 38 per cent.

After Gangwal wrote to the board seeking an extraordinary general meeting, Bhatia, on June 12, opposed the proposal.

Bhatia wrote to the board alleging that the genesis of Gangwals' angst was his "hurt ego" and refusal of IGE Group to entertain his "unreasonable demands".

In the June 12 letter, Bhatia alleged that Gangwal had an hidden agenda and had made a package proposal and was not willing to discuss the RPT issue in isolation.

IndiGo is the country's largest airline with a market share of 49 per cent at the end of May. The carrier has more than 200 planes and operates around 1,400 flights daily.

(With PTI inputs)

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