IndiGo, Sebi settle over Gangwal case
InterGlobe Aviation Ltd, which operates budget carrier IndiGo, has paid ₹2.10 crore to the Securities and Exchange Board of India (Sebi) to settle IndiGo co-founder Rakesh Gangwal’s complaints of related-party transactions and violation of corporate governance norms.
In his July 2019 complaints, following a falling-out with co-founder Rahul Bhatia, Gangwal also alleged that InterGlobe failed to inform the IndiGo board of important information in a timely manner.
He also accused InterGlobe of making misrepresentations in IndiGo’s share sale documents of 16 October 2015 and failing to make timely disclosure of information that could affect the market, according to a Sebi notification on its website on Tuesday.
