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Indigo promoters' dispute: InterGlobe Aviation board to meet on October 24

The board would meet to 'consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half-year ended on September 30, 2019.'

Published: 17th October 2019 07:34 PM  |   Last Updated: 17th October 2019 07:34 PM   |  A+A-

IndiGo airlines

Representational image (Photo | Bloomberg)

By PTI

NEW DELHI: The board of InterGlobe Aviation will meet on October 24 to consider financial results for the three months ended September. The meeting also comes against the backdrop of differences between promoters - Rahul Bhatia and Rakesh Gangwal - wherein Bhatia has also initiated arbitration proceedings in London.

InterGlobe Aviation is the parent of the country's largest airline IndiGo. In a filing to the stock exchanges on Thursday, the company said board meeting would be held on October 24.

The board would meet to "consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half-year ended on September 30, 2019, subject to a limited review by the statutory auditors," the filing said. Shares of InterGlobe Aviation rose nearly 1 per cent to close at Rs 1,736 on the BSE.

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On October 1, InterGlobe Enterprises and Bhatia sought arbitration proceedings under the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015. The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal - the RG Group - and InterGlobe Aviation.

The differences between the promoters came to the fore in July when Gangwal sought market regulator Securities and Exchange Board of India's intervention in alleged corporate governance lapses at the company.

The allegations were rejected by Bhatia group. At the end of June, InterGlobe Enterprises along with Bhatia and related individuals held 38.23 per cent stake in the company while Gangwal and related entities owned 36.65 per cent shareholding, as per data available with the stock exchanges.



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