IndiGo crisis: Gangwal says provided information on RPTs to relevant authorities
MUMBAI: The feud between the promoters of the country’s largest domestic airline IndiGo has just intensified, with promoter Rakesh Gangwal on Tuesday stating that he has provided information on related party transactions (RPTs) between IndiGo and co-promoter Rahul Bhatia-controlled InterGlobe Enterprises (IGE) to the ‘relevant authorities’.
Gangwal, had earlier in an 8 July letter, addressed to Sebi chairman Ajay Tyagi, 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.
A source close to Rahul Bhatia had told Mint last week that there are no evidence to substantiate the allegations on related-party transactions between the airline and Bhatia-controlled IGE. Gangwal refuted this.
