Sebi seeks response from IndiGo on Rakesh Gangwal charges
Highlights
- In a regulatory filing, IndiGo told BSE that it has received an email from Sebi requiring it to provide comments to a letter dated August 30 received by Sebi from legal counsel of Gangwal
- The airline will shortly be sending its reply to Sebi
(Representative image) NEW DELHI: Market regulator Sebi has asked IndiGo to give its comments on certain issues raised by the airline’s co-founder and co-promoter Rakesh Gangwal. The airline will shortly be sending its reply to Sebi.
In a regulatory filing on Wednesday, IndiGo told BSE it “has received an email dated September 3, 2019, from Sebi, requiring the company to provide its comments to a letter dated August 30, 2019 (the ‘August 30 letter’) received by Sebi from legal counsel of Rakesh Gangwal, co-founder and director of the company. The August 30 letter reiterates certain issues that Gangwal had previously raised with Sebi and seeks certain directions from it against the company and the IGE (InterGlobe Enterprises) Group on inter-alia, amendment to the articles of association of the company to remove the rights of the IGE Group, past related party transactions (RPT), non-independence of the current chairman, refusal to hold EGM when requisitioned by Gangwal and certain public statements made by the CEO of the company.”
“As previously disclosed, at the recent AGM of the company held on August 27, 2019, both the promoter groups (including the Rakesh Gangwal Group) have voted in favour of all the resolutions, including the resolutions to amend the articles of association of the company to expand the size of the board to 10 members and to appoint the chairman as an independent director of the company. Further, as on date, the company has in place a revised RPT policy as approved by the company’s audit committee and the board of directors,” the filing added.
In a regulatory filing on Wednesday, IndiGo told BSE it “has received an email dated September 3, 2019, from Sebi, requiring the company to provide its comments to a letter dated August 30, 2019 (the ‘August 30 letter’) received by Sebi from legal counsel of Rakesh Gangwal, co-founder and director of the company. The August 30 letter reiterates certain issues that Gangwal had previously raised with Sebi and seeks certain directions from it against the company and the IGE (InterGlobe Enterprises) Group on inter-alia, amendment to the articles of association of the company to remove the rights of the IGE Group, past related party transactions (RPT), non-independence of the current chairman, refusal to hold EGM when requisitioned by Gangwal and certain public statements made by the CEO of the company.”
“As previously disclosed, at the recent AGM of the company held on August 27, 2019, both the promoter groups (including the Rakesh Gangwal Group) have voted in favour of all the resolutions, including the resolutions to amend the articles of association of the company to expand the size of the board to 10 members and to appoint the chairman as an independent director of the company. Further, as on date, the company has in place a revised RPT policy as approved by the company’s audit committee and the board of directors,” the filing added.
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