IndiGo parent InterGlobe Aviation shares drop nearly 4% after shareholders reject co-promoter Rakesh Gangwal's proposal
As per the AoA, if any member of Bhatia-led IGE Group wants to transfer shares to a third party, then the non-transferring group will have the 'Right of First Refusal' subject to certain conditions.
InterGlobe Aviation is the parent of IndiGo, the country's largest airline in terms of domestic market share
IndiGo promoters spat: Rakesh Gangwal denies reports of truce with co-founder Rahul Bhatia, says issues remain unsolved
In a letter here dated 5 August, Gangwal told the board of IndiGo's parent InterGlobe Aviation Ltd (IGAL) that issues between him and Bhatia remained unresolved.
According to a statement, IGE Group continued to support the startup (IndiGo) without diluting Gangwal's potential upside.
InterGlobe Aviation is the parent of the country's largest airline IndiGo.
IndiGo promoters' feud out in open: Rakesh Gangwal seeks Sebi's intervention; says even 'paan ki dukaan' would have managed better
Alleging that the company has "started veering off" from the core principles and values of governance, Gangwal has said that even a paan ki dukaan (betel shop) would have managed matters with more grace.