IndiGo dips 5% as Gangwal alleges ‘loophole’ in proposed board structure
Shares of InterGlobe Aviation, the parent company of IndiGo airline, slipped 5 per cent to Rs 1,413 on the BSE in early morning deals on Tuesday after co-founder Rakesh Gangwal alleged that the new structure of the IndiGo board will only add to the powers of InterGlobe Enterprises — owned by fellow co-founder Rahul Bhatia.
According to a BSE filing by InterGlobe Aviation, Gangwal wrote a letter to all the board members, a copy of which has also been sent to the SEBI, the Ministry of Corporate Affairs, and BSE and NSE.
In the letter, Gangwal has alleged that “the proposed (new) board structure created a large loophole that gives the IGE Group additional powers that they don’t have today,”.
