InterGlobe Aviation Ltd, the parent of the airline IndiGo, has paid Rs 2.10 crore to the Securities and Exchange Board of India to settle IndiGo co-founder- Rakesh Gangwal’s complaints.
In July’19, Gangwal wrote to Sebi requesting his help to fix some problems. As per the 10-page-order, Sebi received a number of Gangwal allegations. Here are some of the complaints received:
- Compliance with corporate governance
- Related party transactions
- Timely intimation of important information to the board of directors
- Misrepresentation in its Red Herring Prospectus
- Failure in making a timely disclosure of material information
The firm settled the matter without admitting or denying any violation, by paying the settlement fee for Rs 2.1 crore, in compliance with the Sebi order.
Gangwal, holds approximately 37 percent stake in InterGlobe Aviation. While Bhatia (IGE-Group) hold approximately 38 percent stake. Shares were seen trading at Rs 1,652.05, down by 0.60 percent.