It has been scarcely a couple of months since the shuttering of Jet Airways, and now a fresh controversy is roiling the aviation industry.
Indigo Airlines, which succeeded Jet as the largest private player, is caught in an ugly spat between its promoters Rahul Bhatia and Rakesh Gangwal. The long-simmering conflict reached a crescendo on July 9 when Gangwal alleged serious governance lapses by Bhatia. Gangwal has now sought stock market regulator Sebi’s intervention. Sebi, in turn, has sought a response from InterGlobe Enterprises (IGE), the parent firm of IndiGo, even as its board will seek clarification from Gangwal on his allegations at its meeting on July 19. Gangwal, along with his affiliates, holds a 37 per cent stake in InterGlobe, while Bhatia, along with his affiliates (IGE Group), owns 38 per cent. The rest is held by the public.
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July 29, 2019