InterGlobe Aviation, the parent of the country’s largest airline IndiGo, has settled with Sebi a case of alleged corporate governance lapses and listing norms violations that were raised by the company’s co-promoter Rakesh Gangwal.
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New Delhi:
The company has settled the matter “without admitting or denying any violation on its part,” by paying a settlement charge of Rs 2.1 crore, according to a Sebi order passed on Tuesday.
The order comes more than a year after InterGlobe Aviation’s co-promoter Gangwal alleged corporate governance lapses at the company.
Gangwal and co-promoter Rahul Bhatia have differences over certain corporate governance matters. Bhatia camp had rejected the allegations.
Gangwal had written to Sebi in July 2019 seeking its intervention to address certain issues.
As per the 10-page order, Sebi had received several complaints from Gangwal.
G Ramar was appointed as the Adjudicating Officer for the matter on May 5, 2020.
Based on the complaints, Sebi examined the issues and based on its investigation, a show cause notice was issued with respect to InterGlobe Aviation on November 10, 2020.
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