IndiGo promoters' feud: Rahul Bhatia files petitions in US seeking evidence

InterGlobe Enterprises and Rahul Bhatia have moved a petition in a Florida court against Rakesh Gangwal and another one in the District Court of Maryland against independent director Anupam Khanna.

Published: 18th October 2019 10:17 PM  |   Last Updated: 18th October 2019 10:17 PM   |  A+A-

Indigo

File Image of an Indigo Aircraft for representational purposes. (Photo | Reuters)

By PTI

NEW DELHI: In deepening rift between IndiGo promoters, Rahul Bhatia has filed petitions in US courts seeking evidence from Rakesh Gangwal and InterGlobe Aviation's independent director Anupam Khanna.

InterGlobe Aviation is the parent of the country's largest airline IndiGo. The differences between Bhatia and Gangwal came to the fore in July after Gangwal sought market regulator SEBI's intervention to address alleged corporate governance lapses at the company.

InterGlobe Enterprises and Rahul Bhatia have moved a petition in the District Court of Florida against Gangwal and another one in the District Court of Maryland against Khanna. According to the petitions, proceedings have been brought to obtain evidence from both individuals for "use in foreign proceedings".

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InterGlobe Enterprises and Bhatia initiated arbitration proceedings in London. Queries sent to InterGlobe Enterprises and Rahul Bhatia remained unanswered. Gangwal and Khanna could not be immediately reached for comments.

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. Under the US law, district courts are authorised to order persons found or residing in their district to provide evidence in support of foreign proceedings.

SEBI and the corporate affairs ministry are already looking into allegations of governance lapses and violations at InterGlobe Aviation in the wake of the feud between the promoters. The board of InterGlobe Aviation is scheduled to meet on October 24 to consider financial results for the three months ended September.

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