NEW DELHI: IndiGo Airlines promoter InterGloble Aviation has settled its dispute with market regulator Securities and Exchange Board of India (Sebi) by agreeing to pay settlement charges of Rs 2.10 crore. SEBI has now disposed of adjudication proceedings against InterGlobe Aviation.
“...The applicant vide its letter dated January 7, 2021, proposed the payment of Rs 2,10,37,500 towards full and final settlement of all regulatory, civil or criminal proceedings in relation to the facts contained in the SCN without admitting ordenying any violation on its part,” said the settlement order issued by adjudicating officer G Ramar.
The matter is related to the alleged violation of related party transactions (RPTs) that co-founder Rakesh Gangwal had complained to SEBI about in 2019. Gangwal had alleged several violations of corporate governance lapses, RPT norms, disclosure norms and misrepresentation in the IPO documents made by the airline’s other co-founder Rahul Bhatia’s IGE Group. Bhatia had repeatedly denied these allegations and even questioned Gangwal’s contribution in building the airline.