💠💠 The markets regulator is probing whether the management of InterGlobe Aviation Ltd misled shareholders by downplaying the true extent of differences between the co-founders of India’s largest airline, two people with direct knowledge of the matter said.
The Securities and Exchange Board of India (Sebi) is examining whether the management deliberately misled shareholders or it was unaware of the true extent of the differences between co-founders Rakesh Gangwal and Rahul Bhatia, one of the two people cited above said on condition of anonymity.
The tussle between the two billionaire promoters of IndiGo over shareholder rights took a turn for the worse on 8 July when Gangwal wrote to Sebi alleging governance lapses at the airline.
Gangwal’s complaint to the regulator raised issues including related-party transactions (RPTs) entered into by the airline with Bhatia-controlled entities and the independence of the airline’s board.
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