INSUBCONTINENT EXCLUSIVE:
MUMBAI | NEW DELHI: The warring founders of InterGlobe Aviation, the company that runs Indi-Go, could have the freedom to sell their shares
gives Bhatia controlling rights over the airline
This clause will survive in the AoA
thought has been given to this matter yet
to comment.
Both the founders have, on many occasions, insisted that they have no plans to sell stakes
But after the SHA expires, they will have the option of selling stakes to a third party
The Bhatia family and Inter-Globe Enterprises (IGE) together own 38.23%, while Gangwal, his wife and a trust hold 36.65%.
Bad Blood
PersistsDifferences between the two promoters became public a while ago when Gangwal wrote to the Securities and Exchange Board of India
(Sebi), raising concerns over corporate governance issues at InterGlobe Aviation and related-party transactions between the company and
Subsequently, the company has decided to finalise a new policy to regulate related-party transactions and to expand its board.
Nevertheless,
bad blood persists between the two sides
says its complaints are with the markets regulator and other government agencies, and that an inquiry will reveal the truth.
While sources
close to Bhatia believe that Gangwal has no plans to sell his stake as the company has substantial growth potential, they feel it is
to monetise his shareholding.
Legal experts said the AoA will override the SHA once it expires
promoter will have to notify the other shareholder about a sale
be solved if the two promoters put their minds to it
The personal differences are significant, but they need each other
Their skill sets are different, and together they have grown this airline to become the market leader
