InterGlobe Aviation To Hold AGM On Aug. 27 Amid IndiGo Promoter Dispute
The 16th annual general meeting of the members of the company is scheduled to be held at 10 am on August 27, 2019, says IndiGo.
InterGlobe Aviation Ltd., the parent company of India’s largest airline IndiGo, will hold its annual general meeting on Aug. 27, according to a regulatory filing on Friday.
The AGM comes amid the IndiGo promoter dispute, where co-founders Rakesh Gangwal and Rahul Bhatia are feuding over alleged corporate governance lapses and related party transactions at the airline.
"The 16th Annual General Meeting of the members of the company is scheduled to be held at 10 am on August 27, 2019," InterGlobe Aviation said in a filing to the stock exchanges on Friday.
IndiGo, which got listed in 2015, has come under regulatory scanner following a complaint by Gangwal about alleged corporate governance lapses at the airline.
Gangwal had said that various related party transactions involving Bhatia's InterGlobe Enterprises Group were executed without seeking the audit committee's approval and competitive bids from third parties.
The allegations have been refuted by Bhatia's group, which owns about 38 percent stake in IndiGo. Gangwal and his affiliates have around 37 percent shareholding.
On July 19, IndiGo reported its higher-ever quarterly profit of Rs 1,209 crore for the three months ended June 30 on the back of revenue that rose 44.6 percent to Rs 9,420 crore.