Fresh war of words breaks out between IndiGo promoters

After a few days of silence, Rakesh Gangwal, one of the two promoters of IndiGo has again raised questions about the issue of governance and the role that the other promoter Rahul Bhatia and his group Inter Globe Enterprises (IGE) are playing. In response, the Chairman of the Board, M Damodaran has countered the allegations made by Gangwal.

In a letter to the Directors of IndiGo, which he has also sent to the Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs and Bombay and National Stock Exchanges and posted on his new website, Gangwal reiterates that that he is no longer in a position to vote affirmatively on the special resolution for “Alteration in Articles of Association of the Company”, unless,