InterGlobe Aviation promoter Rakesh Gangwal on Tuesday stated he has offered all data, together with these associated to whistle blowers, to related authorities and puzzled why folks had been hiding behind the veil of unnamed sources to unfold a false narrative.
Gangwal and Rahul Bhatia — promoters of the nation’s largest airline IndiGo — are locked in a bitter battle over alleged company governance lapses.
In indicators that the feud between the 2 promoters is much from over, Gangwal on Tuesday referred to reviews that Bhatia’s InterGlobe Enterprises has stated there was no proof to substantiate allegations on associated get together transactions.
In a strongly-worded assertion, Gangwal stated he has offered data to the related authorities.
“I want folks had the conviction to be quoted and never conceal behind the veil of so referred to as unnamed ‘sources’ to unfold a false narrative within the media,” he stated.
InterGlobe Aviation is the mother or father agency of IndiGo.
Amongst different points, Gangwal had raised issues that numerous RPTs involving Bhatia’s InterGlobe Enterprises Group had been executed with out searching for the audit committee’s approval and with out searching for aggressive bids from third events. One other problem was about non-appointment of an impartial girl director.
InterGlobe Aviation’s board has determined to increase the energy of the board to as much as ten members, together with 4 impartial administrators. Additionally, there could be one girl impartial director.
At the moment, the board has six members, together with Bhatia and Gangwal.
After the board assembly earlier this month — the place a brand new coverage on associated get together transactions has been accepted — there have been reviews suggesting that the problems between the 2 promoters have been sorted out.
Gangwal and his associates maintain round 37 per cent stake in InterGlobe Aviation whereas Bhatia’s group owns almost 38 per cent shareholding.
The corporate, which bought listed in 2015, has come beneath regulatory lens following the criticism by Gangwal about alleged company governance lapses.
The allegations have been refuted by Bhatia group.