IndiGo Promoters’ Feud: Bhatia Files Petitions Seeking Information In The U.S.
In deepening rift between InterGlobe Aviation Ltd. promoters, Rahul Bhatia has filed petitions in the U.S. courts seeking evidence from Rakesh Gangwal and independent director Anupam Khanna.
InterGlobe Aviation is the parent of the country’s largest airline IndiGo.
The differences between Bhatia and Gangwal came to the fore in July after Gangwal sought market regulator Securities and Exchange Board of India intervention to address alleged corporate governance lapses at the company.
InterGlobe Enterprises and Rahul Bhatia have moved a petition in the District Court of Florida against Gangwal and another one in the District Court of Maryland against Khanna.
According to the petitions, proceedings have been brought to obtain evidence from both individuals for “use in foreign proceedings”.
InterGlobe Enterprises and Bhatia initiated arbitration proceedings in London.
Queries sent to InterGlobe Enterprises and Rahul Bhatia remained unanswered.
Gangwal and Khanna could not be immediately reached for comments.
On October 1, InterGlobe Enterprises and Bhatia sought arbitration proceedings under the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015.
The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal -- the Gangwal Group -- and InterGlobe Aviation.
Under the U.S. law, district courts are authorised to order persons found or residing in their district to provide evidence in support of foreign proceedings.
SEBI and the corporate affairs ministry are already looking into allegations of governance lapses and violations at InterGlobe Aviation in the wake of the feud between the promoters.
The board of InterGlobe Aviation is scheduled to meet on Oct. 24 to consider financial results for the three months ended September.