Rivals spreading a false narrative, says IndiGo Rakesh Gangwal

New Delhi: IndiGo cofounder Rakesh Gangwal, who is feuding with fellow cofounder Rahul Bhatia over the management of India’s biggest airline, said his rivals were hiding behind “sources” and spreading a “false narrative” about the dispute, signalling that they don’t seem any closer to a rapprochement.
“I stand by my issues raised with Sebi (Securities and Exchange Board of India) and with other governmental and regulatory authorities and am honouring all requests for information from the various agencies,” he told ET. “I wish people had the conviction to be directly quoted and not hide behind so-called sources to spread a false narrative in the media.”
He was responding to reports in which sources close to Bhatia and his InterGlobe Enterprises (IGE) alleged that the Gangwal’s complaints were merely a “smokescreen” to conceal his “larger game plan” to take control of the carrier. It was also alleged that Gangwal hadn’t replied to agencies seeking clarifications on his complaints.
The Bhatia family and IGE together own 38.23% in IndiGo. Gangwal, who owns 36.65% stake, didn’t reply to any other questions and said he wouldn’t like to fight his case through
31/07/19 Mihir Mishra/Economic Times

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Vadodara airport closed, two flights diverted to Ahmedabad

Ahmedabad/Vadodara:As torrential rains lashed Vadodara on Wednesday evening, two flights moving towards Vadodara from Mumbai and Delhi were diverted to Sardar Vallabhbhai Patel International Airport in Ahmedabad. Due to heavy rainfall, the runway at Vadodara airport got waterlogged, as a result of which the facility was forced to be shut temporarily for flight movements.
Passengers aboard IndiGo airlines flight, 6E-917, from Mumbai to Vadodara had a harrowing experience due to the flight diversion. The concerned flight, 6E-917, departed at its scheduled time around 3.30pm from Mumbai airport and was scheduled to land at 4.40pm at Vadodara. It landed at Sardar Vallabhbhai Patel International (SVPI) Airport in Ahmedabad at 4.40pm, confirmed well-placed sources.
Vadodara airport director confirmed that the Vadodara airport has been closed for all flight movements, as the runway is waterlogged.
31/07/19 Niyati Parikh/Times of India

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IndiGo offers tickets starting from Rs 999 on domestic, Rs 3499 on international routes

New Delhi: Commemorating its 13th anniversary, IndiGo airline Wednesday slashed fares on domestic and international flights effective from today till August 4, 2019. The Gurgaon-based airline is offering fares on domestic flights from Rs 999 and Rs 3499 on international routes.
As part of a five-day anniversary sale, people booking flight tickets through IndiGo’s website or the mobile app will also receive 20 per cent cashback up to Rs 1,000 on using Bank of Baroda credit or debit cards, while customers using Yes Bank credit card will receive Rs 2,000 cashback on international bookings. The offer applies to both corporate and leisure customers.
IndiGo’s Chief Commercial Officer William Boulter, in a press release, said, “It’s indeed a special moment as IndiGo completes 13 successful years, connecting people and places they love. We thank our customers, employees and partners who have been an important part of this incredible journey. As part of our celebration, we are delighted to announce our 13th anniversary sale across 56 domestic and 19 international destinations. We will continue to build the best air transportation system in the world that offers a wide choice, on-time performance, affordable fares, and a courteous and hassle-free flying experience.”
31/07/19 Indian Express

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Panic Among Passengers After Pilot of Mumbai-bound IndiGo Flight Aborts Take-off at Last Minute

Bhopal: More than 150 passengers of a Mumbai-bound IndiGo flight from the city survived a scare on Monday evening when the pilot aborted take-off at the last minute at the Raja Bhoj airport here due to a technical glitch in the aircraft's wheels, an official said.

An IndiGo airline executive confirmed the incident and said all the passengers were safe.
"There were 155 passengers in the plane and all of them were safe," IndiGo's Bhopal station manager Ekta Shrivastava told PTI.

Shrivastava said the Mumbai-bound flight's take-off was aborted at the last minute by the alert pilot after detecting a technical snag in the aircraft's wheels.

However, after necessary repairs, the same aircraft later took-off for Mumbai, she added.
The flight, 6E983, was about to take-off when suddenly the pilot stopped it using emergency brakes, a passenger said, requesting anonymity.
30/07/19 PTI/News18

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IndiGo Plans to Enter Vietnam, Expand in China

After rapidly expanding its presence in Asia, Europe and the Middle East, India's largest air passenger carrier IndiGo plans to add destinations such as Hanoi and Chengdu to its flight schedule from September quarter onwards. IndiGo's Chief Commercial Officer William Boulter told IANS that the airline has received clearances from the Vietnamese authorities to commence operations from India to Hanoi. The airline will soon "be putting the flight out for sale". Besides Hanoi, the airline plans to operate flights to Ho Chi Min City.

The airline is also reviewing its strategy for Europe whilst making "full use" of its Turkish Airline codeshare agreement which allows passengers to fly through Istanbul on a '6E code'. The agreement between the two airlines allows for a seamless travel experience for passengers through an extended global network. In 2019, IndiGo entered into its first codeshare agreement with Turkish Airlines, which provides passengers with extended connectivity to 12 destinations in Europe.
At present, the airline is rapidly expanding its international presence, it will deploy capacity to Chengdu in China, Singapore, Bangkok and Yangon. IndiGo will operate daily non-stop flights between Delhi-Chengdu-Delhi effective September 15, 2019. In the Middle East sector, the airline has expanded services to Jeddah, Dubai and Kuwait. "Of our total expansion this year, roughly 50 per cent will be on international operations," Boulter said.
29/07/19 News18.com

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IndiGo plans to enter Vietnam, expand in China

After rapidly expanding its presence in Asia, Europe and the Middle East, India's largest air passenger carrier IndiGo plans to add destinations such as Hanoi and Chengdu to its flight schedule from September quarter onwards.
IndiGo's Chief Commercial Officer William Boulter told IANS that the airline has received clearances from the Vietnamese authorities to commence operations from India to Hanoi.
The airline will soon "be putting the flight out for sale". Besides Hanoi, the airline plans to operate flights to Ho Chi Min City.
The airline is also reviewing its strategy for Europe whilst making "full use" of its Turkish Airline codeshare agreement which allows passengers to fly through Istanbul on a '6E code'.
The agreement between the two airlines allow for a seamless travel experience for passengers through an extended global network.
In 2019, IndiGo entered into its first codeshare agreement with Turkish Airlines, which provides passengers with extended connectivity to 12 destinations in Europe.
At present, the airline is rapidly expanding its international presence, it will deploy capacity to Chengdu in China, Singapore, Bangkok and Yangon. IndiGo will operate a daily non-stop flights between Delhi-Chengdu-Delhi effective September 15, 2019.
28/07/19 IANS/Economic Times

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SpiceJet, Indigo likely to replace Alliance Air flight to Vij, Tirupati

Visakhapatnam: After the withdrawal of Alliance Air flights to Vijayawada and Tirupati from mid-July, other air carriers— SpiceJet and Indigo are looking to operate in these sectors.
According to sources, while Indigo is planning to operate in the Visakhapatnam to Vijayawada sector, SpiceJet is planning to operate direct flights from Visakhapatnam to Tirupati. The SpiceJet flight might well begin its operations from next month, claim sources.
The loss of air connectivity to Vijayawada— the business hub and Tirupati, a hub of spiritual tourism had hurt regular commuters.
Alliance Air, a subsidiary of Air India was operating one of its flights from Visakhapatnam to Vijayawada and Tirupati and had proposed to change its base to Hyderabad to operate to other sectors.
Representatives of the Andhra Pradesh Air Travellers’ Association (APATA) had met Air India officials in Delhi to request continuation of the flight service from Visakhapatnam to Tirupati via Vijayawada.
28/07/19 Times of India

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End of shareholder pact may set IndiGo feuding owners 'free'

Mumbai/New Delhi: The warring founders of InterGlobe Aviation, the company that runs Indi-Go, could have the freedom to sell their shares to any suitor after the shareholders’ agreement (SHA) between them expires in October.
The shareholders’ agreement between Rakesh Gangwal and Rahul Bhatia — which is to remain valid for four years after the company’s initial public offering (IPO) in 2015 — conferred on the founders the right of first refusal (RoFR) for each other’s shares in case one of them wanted tosell. The agreement also contains a ‘tag-along’ clause, which stipulates that the other promoter has the right to join any share-sale transaction and sell his stake along with the one who is exiting.
The RoFR and ‘tag-along’ clause are also enshrined in the company’s Articles of Association (AoA). However, the SHA says the provisions of the agreement will ‘expire on the fourth anniversary of the (company’s IPO)’ except the clause that gives Bhatia controlling rights over the airline. This clause will survive in the AoA. Legal experts said the AoA will need to be amended to reflect the expiry of the shareholders’ agreement.
A person close to Bhatia said no thought has been given to this matter yet. “Not aware of how it will work. The articles have specified clauses, but we will have to look into it,” said the source, who did not want to be identified.
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%.
Differences 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 Bhatia’s IGE. Subsequently, the company has decided to finalise a new policy to regulate related-party transactions and to expand its board.
27/07/19 Satish John/Mihir Mishra/Economic Times

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IndiGo looking for first independent woman director

New Delhi/Mumbai: IndiGo has sounded out five prominent personalities to join the board as the airline’s first independent woman director.
The carrier has approached former PepsiCo chief Indra Nooyi, Indian Council for Research on International Economic Relations chairperson Isher Judge Ahluwalia, ex-MD of Britannia Vinita Bali, former HP India head Neelam Dhawan and ex-HSBC India head Naina Lal Kidwai.
“The airline board will decide on the candidate very soon,” said a person familiar with the development, who did not want to be identified.
The appointment of an independent woman member on the airline’s board is part of an agreement reached after co-promoter Rakesh Gangwal complained to the market regulator that IndiGo was not following corporate governance norms.
27/07/19 Satish John/Economic Times

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Billionaire Owners’ Public Spat Weighs on IndiGo’s Future

Analysts see risks in a prolonged dispute -- even after Asia’s biggest discount carrier by market value posted record profit last week. While local media reports have suggested the owners may be negotiating a truce, neither Bhatia, whose holding company owns 38% of the airline, nor Gangwal, who with affiliates holds 37%, was available for comment.
Read how a fight between two billionaire co-founders is threatening to hurt one of the world’s most successful airlines >>

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IndiGo's new bet - Myanmar; airlines to connect Kolkata with Yangon from this month

Budget carrier Indigo will begin flight operation to Myanmar from Kolkata, the company announced today. The airline's non-stop flights would start operation from Kolkata from September 20, 2019. With this new flight service, Yangoon in Myanmar would be Indigo’s 18th global destination. The airline will operate two flights on this route.  Yangon is the former capital of the country. In 2006 the government shifted the capital in Nay Pyi Taw.

"We see significant traffic from Yangon to the Buddhist circuit. This route will strengthen the cultural relationships between the two countries and boost trade, tourism and mobility," IndiGo chief commercial officer William Boulter said in the statement.

IndiGo carried 12.02 million passenger traffic, and operates over 1,400 daily flights with a fleet of 238. It is the largest domestic airline in India.
IndiGo also announced new daily non stop flights on Delhi-Agartala and Delhi-Dibrugarh routes. These flights on the routes will commence service from August 14. The Delhi-Agartala non-stop daily flight will depart from Delhi at 1:45 pm, and will reach the destination at 4:20 pm. The flight will take off from Agartala at 4:50 pm, and will reach the national capital at 7:25 pm.
24/07/19 ZeeBiz

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IndiGo To Start New International Flights

Private carrier IndiGo on Wednesday announced new international flights. IndiGo will commence daily direct flights on the Delhi-Dhaka-Delhi route, it said in an official statement. The new flights will commence on August 22, said the airline. IndiGo is offering flight tickets starting from Rs. 8,899 and Rs. 10,000 on the Delhi-Dhaka and Dhaka-Delhi routes respectively. "As part of our mission to extend affordable air connectivity within India and internationally, we are delighted to announce daily non-stop flights between Delhi and Dhaka," said William Boulter, chief commercial officer, IndiGo.
On Tuesday, IndiGo said it will start daily direct flights on the Delhi-Agartala and Delhi-Dibrugarh routes from August 14.
Last week, IndiGo, the country's largest airline by market share, had announced new overseas flights. The carrier will offer non-stop flights on Mumbai-Singapore and Mumbai-Bangkok routes, starting from August 22. IndiGo will also start flights on Mumbai-Dubai-Mumbai, Mumbai-Kuwait-Mumbai and Delhi-Jeddah-Delhi routes from July 25.
25/07/19 NDTV

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IndiGo spat: Bhatia, Gangwal reach ‘a truce of sorts’

New Delhi: Rahul Bhatia and Rakesh Gangwal, the two co-promoters of IndiGo Airlines, have reached a truce of sorts.

The size of the company’s board will be expanded to 10 from the current six and will include an independent woman director, as a measure to address some of the concerns raised by Gangwal.

Sources close to the development said that the Articles of Association of the company will be amended to allow for the expansion of the board.

In a recent letter to the SEBI and the Union government, Gangwal had claimed that the company had failed to address various corporate governance issues and was not fully compliant with the requirements of the Companies Act, 2013 and the SEBI’s Listing Agreements.

Gangwal had also flagged the issue of related party transactions involving InterGlobe Enterprise and IndiGo Airlines. Sources maintain that most of these concerns were unfounded but admitted that there were some procedural lapses in certain transactions.

As for the Shareholders Agreement, which has been amended twice before taking the company public in 2015, it is understood that it would be allowed to lapse in November this year.

The operations and management of the company would be guided by its Articles of Association.
Sources also maintain that the recent disagreements between the two co-promoters would not affect shareholders’ wealth as the company was doing well. While the share price took a hammering in the recent days, sources maintain markets will respond to the robust performance of the company.
24/07/19 Business Line

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Toned-down rhetoric of Bhatia, Gangwal may give wings to IndiGo patch-up bid

India's biggest airline IndiGo may have just made a u-turn from a disastrous ride towards crash-landing as co-promoters Rahul Bhatia and Rakesh Gangwal have shown the intent to reconcile their differences. The spat between the two had been threatening to take the budget carrier down the path that could have hit the airline's governance bringing to fore comparison with the defunct Jet Airways and Kingfisher Airlines.

Media reports suggest the latest board meeting showed signs of the two businessmen, who together share more almost 75 percent of the company's take, thrashing out their differences. The meeting on Friday and Saturday that took stock of the June quarter earnings of the company also discussed some of the issues Gangwal had raised.

IndiGo shares were buoyed by the smooth conduct of the board meeting and rose Rs 65 or 4.44 percent from Friday's close of Rs 1,462 to close on Tuesday at Rs 1,527.
Gangwal had tried to get the government and the securities regulator involved in the matter. He wrote to Prime Minister Narendra Modi's office, Finance Minister Nirmala Sitharaman, and the Securities and Exchange Board of India (Sebi) alleging irregularities in the related party transactions (RPT) of the airline with the InterGlobe Enterprises (IGE) Group of Bhatia. Gangwal had also sought the expansion of the board.
"Two things have happened which are significant (in the board meeting on July 20)," a report in the Financial Express said, citing unidentified sources close to Gangwal. "Firstly, the resolution (was made) on the appointment of an independent woman director which was a regulatory requirement, and decision to induct two more independent directors to strengthen the functioning of the board," the source said. "The meeting was a cordial one. The issues regarding the strengthening of corporate governance were discussed. Things are moving in the right direction."
23/07/19 Prathapan Bhaskaran/IBTimes

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IndiGo to connect Kolkata with Yangon from September

Budget carrier Indigo will begin services to Myanmar with a direct daily flight to Yangon from Kolkata, starting September 20.
Yangon, the capital city of the Southeast Asian nation till 2006 when the government named a capital in Nay Pyi Taw, will be the airline's 18th overseas destination.
"Effective September 20, we will operate a daily flight on the Kolkata- Yangon route," Indigo said in a statement Wednesday.
The largest domestic carrier commanding nearly half of the 12.02 million passenger traffic, operates over 1,400 daily flights with a fleet of 238.
"We see significant traffic from Yangon to the Buddhist circuit. This route will strengthen the cultural relationships between the two countries and boost trade, tourism and mobility," William Boulter, chief commercial officer said in the statement.
Chief executive Ronojoy Dutta had during the analysts call last week had said there was "significant" opportunity for "profitable" growth by increasing connections to tourist destinations in the country as the airline adds capacity.
"We are developing the Buddhist circuit. The traffic flow into the Buddhist circuit will enhance as we add Vietnam and Myanmar in the network next quarter," Dutta had said.
24/07/19 PTI/Economic Times

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Mumbai rains: Flights delayed, water logging expected - IndiGo, Vistara issue warning

After witnessing moderate rains in the past few days, Mumbai once again faced heavy showers on Wednesday with many areas getting affected. Massive dark clouds have taken over the Indian financial hub. From late night on Tuesday, till early morning today Mumbai has received three-digit heavy rains impacting rail, road and air transport. Many flights have already been either delayed or cancelled at Chhatrapati Shivaji International Airport. Rains are expected to continue and even get severe in next 48 hours. With that, airlines like IndiGo and Vistara have warned their passengers about flights to and from Mumbai airport. They have strictly stated to check flight status before leaving home.

Vistara said, "#TravelUpdate : Due to heavy rains in Mumbai, flights to/from Mumbai may be impacted throughout the day. Please visit (link: http://airvistara.com) airvistara.com or SMS UK <flight no> to 9289228888 for updated flight status. Thank you."

While IndiGo said, "#6ETravelAdvisory: Request all passengers to check for delays due to heavy rains in #Mumbai. For flight status, visit (link: http://goindigo.in) goindigo.in or send an SMS ST <flight no.><flight date> as DDMM, e.g. for flight 6E-333 for Jul 24, send ST 333 2407 to 566772."
24/07/19 ZeeBiz

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Woman duped of Rs 82,000 in job fraud

Pune: A 22-year-old woman was duped of Rs 81,700 by three members of a placement firm between February 12 and 25, this year.
The suspects were booked by the Bibvewadi police on Monday. “The woman, from upper Indiranagar, had posted her profile on a job-seeking platform. The placement officials contacted her and offered to help her in getting a job with Indigo Airlines,” senior inspector Muralidhar Karpe said.
The suspects demanded different amounts from the woman and assured that the amount was being utilized in ensuring that she gets the job. “They asked her to pay fees for registration, a uniform and an appointment letter, among other charges. The woman collectively transferred Rs81,700 to their bank account online,” Karpe said.
The woman made numerous rounds of the placement firm. However, the officials refused to repay her money. “Realizing that she was duped, she filed a complaint application with the cyber crime police, who later transferred her case to the Bibvewadi police station,” Karpe said.
24/07/19 Times of India

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Improvement in yields and pax growth helped IndiGo post strong numbers in Q1

Fading competitive intensity due to the departure of Jet Airways has led to meaningful improvement in yield within the industry and Interglobe Aviation (IndiGo), the leader in the space, has taken advantage of the same and reported the highest ever quarterly profit in Q1 FY20. Strong revenue growth coupled with higher operating profit helped company post strong profits.

We continue to have positive outlook on the business and believe that the changing industry dynamics would help the company grow and cope up with the volatility in oil prices as yields are higher.  We advise investors to accumulate the stock for the long term.
Net revenue from operations witnessed a significant growth of 44.7 percent on year-on-year (YoY) basis.  The growth was driven by 30.2 percent YoY growth in revenue passenger kilometres (RPK) and improvement in yield, which grew 12.7 percent. Yield witnessed improvement due to the Jet Airways fiasco that reduced competition from the industry. The management highlighted that the fares are higher in 0-15 days window as well.

With significant improvement in yield and increase in RPK, the company posted a YoY growth of 145.9 percent in earnings before interest, tax, depreciation, amortisation and rental (EBITDAR) and EBITDAR margin witnessed a YoY expansion of 1,214 bps in Q1 FY19.

Load factor remained largely same at 88.9 percent in Q1 FY20 and the company witnessed significant capacity addition of 30.9 percent YoY.
22/07/19 Nitin Agrawal/Moneycontrol.com

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IndiGo promoters Rakesh Gangwal, Rahul Bhatia may make peace soon

New Delhi: The estranged co-founders of IndiGo — Rakesh Gangwal and Rahul Bhatia — are believed to be working to put together a compromise formula to resolve the thorny issues, including serious corporate governance lapse in the company and related-party transactions. Gangwal and Bhatia are expected to agree on common terms that every related party payment in InterGlobe Aviation Limited, the parent of IndiGo, would be examined by independent directors, signalling a truce between the two squabbling co-founders of the budget carrier.

“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.
Home>  Business >  Companies
IndiGo promoters Rakesh Gangwal, Rahul Bhatia may make peace soonCompanies
Updated Jul 23, 2019 | 14:03 IST | ET Now Digital
The fight between promoters of IndiGo — Rakesh Gangwal and Rahul Bhatia — took an ugly turn after Gangwal’s request for an extraordinary general meeting to discuss the vexed issues was turned down by the board
Indigo co-founders Rakesh Gangwal and Rahul Bhatia File photo  |  Photo Credit: BCCL KEY HIGHLIGHTSEarlier this month, US-based IndiGo co-promoter sent a letter to market regulator Sebi, highlighting serious corporate governance lapses at the budget carrierRakesh Gangwal and Rahul Bhatia are said to be separately meeting capital market regulator Sebi chairman Ajay TyagiRakesh Gangwal clarified last week that he is not going to sell his stakes, saying he is here for the long haul and has no desire to sell his stake or raise it
New Delhi: The estranged co-founders of IndiGo — Rakesh Gangwal and Rahul Bhatia — are believed to be working to put together a compromise formula to resolve the thorny issues, including serious corporate governance lapse in the company and related-party transactions. Gangwal and Bhatia are expected to agree on common terms that every related party payment in InterGlobe Aviation Limited, the parent of IndiGo, would be examined by independent directors, signalling a truce between the two squabbling co-founders of the budget carrier.

“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.

A financial daily quoted an unnamed person familiar with the matter as saying that there has been no settlement reached yet. Both parties are, however, working towards reaching an agreement before Gangwal leaves for the US on Tuesday. Plus, both the co-founders of the airline are said to be separately meeting capital market regulator Sebi chairman Ajay Tyagi.
23/07/19 ETNowNews.com

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Beware if you receive this email for job interview at IndiGo, you could be getting cheated

A Twitter user named Amruta Mirwankar posted a letter that she had received from IndiGo Airlines regarding a job interview. She posted a screenshot of the SMS she received from a number BR-060000 confirming that she had been shortlisted for a job interview with IndiGo Airlines. She also posted an email she received confirming her job interview. The letter had the logo of IndiGo Airlines which she suspected to be fake.
In the job letter from IndiGo which she suspected to be fake, Amruta was asked for pay Rs. 2,500 as refundable deposit. She tagged Mumbai Police and IndiGo Airlines to her tweet for clarification wondering if the letter is a fraud.

IndiGo Airlines responded to Amruta confirming that the confirmation of job interview, that is, the letter and the SMS is indeed a fake and that IndiGo had not asked people to pay Rs. 2,500 as a deposit.
IndiGo said, “Hi! Please be informed that this is not issued by the company”.
IndiGo also posted a link to their ‘careers’ page to ensure that people get the right information pertaining to job openings.
23/07/19 OpIndia

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