The simmering feud between the two founders of InterGlobe Aviation Ltd, which runs India’s largest airline, took an ugly turn, with Rakesh Gangwal seeking the regulator’s intervention to curb alleged governance violations by co-founder Rahul Bhatia.
The charges were denied by Bhatia, who accused Gangwal of trying to dilute the controlling rights of his holding company InterGlobe Enterprises Pvt. Ltd (IGE) in IndiGo.
In an July 8 letter, addressed to Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi, Gangwal alleged several violations at IndiGo including those pertaining to related-party transactions; appointment of senior management personnel, directors and the chairman, who has always been an independent director by convention.
