The Securities and Exchange Board of India (SEBI) has in its preliminary enquiry (PE) found several related-party transactions (RPTs) between InterGlobe Enterprises and IndiGo that were not disclosed as per required procedure, a source said.
"SEBI has found several related-party transactions that were not disclosed to the company’s audit committee and shareholders in their inquiry. The regulator has prepared a report, which has been sent to a committee of internal divisional chiefs for future course of action," the source close to the development told Moneycontrol.
The company said it has not received any communique from SEBI and hence is not in a position to comment on the same.
The issue of related party transactions had become a bone of contention between IndiGo co-founders, Rakesh Gangwal and Rahul Bhatia. Gangwal had alleged that the companies affiliated to InterGlobe Enterprises (IGE), which is privately held by Bhatia, had benefitted from transactions with IndiGo, the country’s largest airline. IGE owns 37.87 percent in listed InterGlobe Aviation, operator of IndiGo.
25/02/20 Tarun Sharma/Moneycontrol.com
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"SEBI has found several related-party transactions that were not disclosed to the company’s audit committee and shareholders in their inquiry. The regulator has prepared a report, which has been sent to a committee of internal divisional chiefs for future course of action," the source close to the development told Moneycontrol.
The company said it has not received any communique from SEBI and hence is not in a position to comment on the same.
The issue of related party transactions had become a bone of contention between IndiGo co-founders, Rakesh Gangwal and Rahul Bhatia. Gangwal had alleged that the companies affiliated to InterGlobe Enterprises (IGE), which is privately held by Bhatia, had benefitted from transactions with IndiGo, the country’s largest airline. IGE owns 37.87 percent in listed InterGlobe Aviation, operator of IndiGo.
25/02/20 Tarun Sharma/Moneycontrol.com
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