New Delhi: Under the cloud of sparring promoters, InterGlobe Aviation board is scheduled to meet on Friday to consider quarterly financial results and is also likely to discuss differences between the promoters over corporate governance matters.
Bringing the differences between him and Rahul Bhatia that have been simmering for nearly a year into the open, co-founder and promoter Rakesh Gangwal has alleged corporate governance lapses -- a development that brought InterGlobe Aviation under regulatory scanner.
The company, parent of the country's largest airline IndiGo, has told the stock exchanges that its board would meet on July 19 to consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, subject to a limited review by the statutory auditors.
Gangwal, who holds around 37 per cent stake in InterGlobe Aviation, has flagged concerns about related-party transactions involving co-founder Rahul Bhatia's InterGlobe Enterprises (IGE) Group and the allegations have been refuted by the Bhatia camp.
Shares of the company have taken a beating since the promoters' spat became public on July 9, when it was disclose that Gangwal has sought markets regulator Sebi's intervention to address the governance issues.
The scrip, which has declined 7 per cent since July 9, closed nearly one per cent lower at Rs 1,458.65 on the BSE on Thursday.
While Gangwal had even said that 'paan ki dukaan' (betel shop) would have managed things with more grace, Bhatia camp had said the company is well run, financially sound and managed by a competent set of managers. It had also termed Gangwal's allegations of governance lapses as much ado about nothing.
18/07/19 PTI/Times of India
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Bringing the differences between him and Rahul Bhatia that have been simmering for nearly a year into the open, co-founder and promoter Rakesh Gangwal has alleged corporate governance lapses -- a development that brought InterGlobe Aviation under regulatory scanner.
The company, parent of the country's largest airline IndiGo, has told the stock exchanges that its board would meet on July 19 to consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, subject to a limited review by the statutory auditors.
Gangwal, who holds around 37 per cent stake in InterGlobe Aviation, has flagged concerns about related-party transactions involving co-founder Rahul Bhatia's InterGlobe Enterprises (IGE) Group and the allegations have been refuted by the Bhatia camp.
Shares of the company have taken a beating since the promoters' spat became public on July 9, when it was disclose that Gangwal has sought markets regulator Sebi's intervention to address the governance issues.
The scrip, which has declined 7 per cent since July 9, closed nearly one per cent lower at Rs 1,458.65 on the BSE on Thursday.
While Gangwal had even said that 'paan ki dukaan' (betel shop) would have managed things with more grace, Bhatia camp had said the company is well run, financially sound and managed by a competent set of managers. It had also termed Gangwal's allegations of governance lapses as much ado about nothing.
18/07/19 PTI/Times of India
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