NEW DELHI: While it has been long clear that all is not well between IndiGo promoters Rakesh Gangwal and Rahul Bhatia, the two have now accused each other of serious charges, in two separate letters. Markets regulator SEBI, who is investigating the matter, has sought details from the airline’s listed parent firm InterGlobe Aviation by July 19.
The more recent letter comes from Gangwal, who holds 37 per cent in the company along with affiliates. Dated July 8, Gangwal’s letter to the Securities and Exchanges Board of India (SEBI) blames Bhatia and his IGE group (which holds 38 per cent of the firm) for lack of proper corporate governance in the working of the company and certain related-party transactions (RPT). He had also written a similar letter to the company’s shareholders on May 22.
