Mumbai: Serious differences have cropped up between the two founders of IndiGoNSE 0.60 % that could end up affecting the airline’s functioning if left unresolved, people close to the development have told ET.
Among the issues are clauses in the shareholders’ agreement and differences between the two founders — Rahul Bhatia and Rakesh Gangwal — over strategies and ambitions for the airline. ET couldn’t immediately ascertain the specific clauses in the shareholders’ agreement that are a bone of contention.
The promoters refused to comment on the development.
ET Now, ET’s business channel, was the first to break the story on Wednesday evening.
Both founders are, however, trying to iron out the differences so that the functioning of the airline isn’t impacted. “The dispute may have escalated in the last few weeks, but things are at a very nascent stage with regard to any formal legal dispute and both parties are weighing other options as well,” said one of the persons.
Legal firms Khaitan & Co and J Sagar Associates are helping the founders resolve the problems. “The promoters, Gangwal and Bhatia, are old clients of Khaitan & Co and J Sagar Associates, respectively, and hence the leadership teams from both the firms are actively overseeing the entire situation,” the same person said.
16/05/19 Anirban Chowdhury/Maulik Vyas/Satish John/Economic Times
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Among the issues are clauses in the shareholders’ agreement and differences between the two founders — Rahul Bhatia and Rakesh Gangwal — over strategies and ambitions for the airline. ET couldn’t immediately ascertain the specific clauses in the shareholders’ agreement that are a bone of contention.
The promoters refused to comment on the development.
ET Now, ET’s business channel, was the first to break the story on Wednesday evening.
Both founders are, however, trying to iron out the differences so that the functioning of the airline isn’t impacted. “The dispute may have escalated in the last few weeks, but things are at a very nascent stage with regard to any formal legal dispute and both parties are weighing other options as well,” said one of the persons.
Legal firms Khaitan & Co and J Sagar Associates are helping the founders resolve the problems. “The promoters, Gangwal and Bhatia, are old clients of Khaitan & Co and J Sagar Associates, respectively, and hence the leadership teams from both the firms are actively overseeing the entire situation,” the same person said.
16/05/19 Anirban Chowdhury/Maulik Vyas/Satish John/Economic Times
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