IndiGo flies into ‘paan ki dukaan’ brawl

The battle for control of IndiGo, the country’s largest airline by market share, escalated on Tuesday with US-based promoter Rakesh Gangwal firing off a letter to market regulator Sebi in which he accused fellow co-founder Rahul Bhatia, the existing management and the board of directors of severely undermining corporate governance standards.

“Various fundamental governance norms and laws are not being adhered to and this is inevitably going to lead to unfortunate outcomes unless effective measures are taken today,” Gangwal said in his letter to the market regulator. Copies of the letter were also sent to the Prime Minister, finance minister and the civil aviation ministry.