Sebi scans IndiGo’s investor agreement for violation of rights
Markets regulator Securities and Exchange Board of India (Sebi) is scanning InterGlobe Aviation Ltd’s shareholders’ agreement (SHA) to check for any violation of the rights of minority investors and individual shareholders, a person with direct knowledge of the matter said.
On 8 July, Rakesh Gangwal, co-founder of India’s largest airline IndiGo, approached Sebi accusing his partner and co-founder Rahul Bhatia of corporate governance violations at InterGlobe Aviation, which operates the airline.
“Sebi is carefully examining the issue. In principle, Sebi is not in favour of bilateral SHAs such as this one, which may give disproportionate rights to one set of shareholders. In such SHAs, some of the rights of individual shareholders may be compromised,” the official cited above said on condition of anonymity.
