IndiGo airlines' promoter Rakesh Gangwal's spat with co-founder Rahul Bhatia has come out in the open with Gangwal saying that바카라 웹사이트even a "paan ki dukaan" (betel shop) would have managed matters with more grace.
바카라 웹사이트Alleging that the company has "started veering off" from the core principles, Gangwal, who has 37 per cent stakes, has alleged serious governance lapses on part of Bhatia.
Rahul Bhatia and his affiliates (IGE Group) have about 38 per cent stakes in the parent company InterGlobe Aviation.
The differences within India's largest airline have been brewing from the past one year but they took a nasty turn after Gangwal reached out to Sebi to intervene and settle the matter.바카라 웹사이트
In a letter to Sebi, Gangwal has flagged concerns바카라 웹사이트about certain questionable Related Party Transactions (RPTs)바카라 웹사이트바카라 웹사이트with the IGE Group, saying that the바카라 웹사이트shareholders' agreement provides his long-time friend Bhatia unusual controlling rights over IndiGo.
"Beyond just questionable Related Party Transactions, various fundamental governance norms and laws are not being adhered to and this is inevitably going to lead to unfortunate outcomes unless effective measures are taken today," the letter said.
A copy of the letter has also been sent to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, Civil Aviation Minister Hardeep Singh Puri and Commerce Minister Piyush Goyal among others.
In a filing to the stock exchanges, InterGlobe Aviation said that Sebi has also sought a response on the letter by July 19, 2019.
Gangwal has also been seeking an Extra-Ordinary General Meeting (EGM) to put in place reasonable procedures and safeguards with respect to related party transactions with Bhatia.바카라 웹사이트
Gangwal wrote to the board of바카라 웹사이트InterGlobe Aviation바카라 웹사이트seeking the meeting, Bhatia, on June 12, opposed the proposal.
Bhatia wrote to the board alleging that the genesis of Gangwals' angst was his "hurt ego" and refusal of IGE Group to entertain his "unreasonable demands".
In the June 12 letter, Bhatia alleged that Gangwal had a hidden agenda and had made a package proposal and was not willing to discuss the RPT issue in isolation.
As per the current agreement, the IGE Group's rights include those to appoint three out of six directors, nominate and appoint Chairman, CEO, President as well as a voting arrangement that requires Gangwal and his affiliates to vote alongside the Group on the appointment of directors, Ganwal has written in his letter.바카라 웹사이트
"The process of appointing an Independent Chairman at IndiGo is the classic 'Hobson's choice' and a sophisticated way to circumvent Sebi rules...," the letter said.
IndiGo CEO, however, issued a statement to its employees saying that the issues between promoters have nothing to do with the airline and its functioning.바카라 웹사이트
IndiGo that has a market share of around 49 per cent holds more than 200 planes and operates around 1,400 flights daily.
(With inputs from PTI)
