Indigo Promoter Rahul Bhatia Approaches London Court Of International Arbitration Against Co-Promoter Gangwal

Budget airline IndiGo has stated that one of its promoters, InterGlobe Enterprises (IGE) and Rahul Bhatia, have approached the London Court of International Arbitration to settle dispute with another promoter Rakesh Gangwal under the shareholders agreement.

According to a filing to the Bombay Stock Exchange (BSE) filing, IndiGo said that it has been named as a respondent “as it is a party to the shareholders agreement”.

“We hereby inform you that InterGlobe Enterprises Private Limited and Rahul Bhatia, as claimants, have submitted a Request for Arbitration dated October 1, 2019 to the London Court of International Arbitration under the shareholders agreement dated April 23, 2015 executed between, inter-alia, the IGE Group, Rakesh Gangwal, The Chinkerpoo Family Trust, Shobha Gangwal and InterGlobe Aviation Limited,” the company said in a regulatory filing.

“The IGE Group and the RG Group are promoters of the company. The company has been named as a respondent as it is a party to the shareholders agreement”.

In July, Gangwal had sought Securities & Exchange Board of India’s (SEBI) intervention in alleged corporate governance lapses at the company, bringing the differences between long-time friends and promoters of IndiGo into open.

The allegations were rejected by Bhatia.