InterGlobe Aviation has settled the matter "without admitting or denying any violation on its part", by paying a settlement charge of Rs 2.1 crore, according to a Sebi order passed on Tuesday.
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InterGlobe Aviation Ltd, the parent company of IndiGo, has paid Rs 2.1 crore to SEBI towards settlement in a case over alleged violations of corporate governance norms.
The Securities and Exchange Board of India (SEBI) had conducted an investigation based on several complaints from Rakesh Gangwal, co-founder and director of Interglobe Aviation.
The complaints alleged several violations regarding compliance of corporate governance norms, related party transactions between the company and the IGE Group , timely intimation of important information to the board of directors of InterGlobe and misrepresentation made by the the company in its Red Herring Prospectus dated October 16, 2015.
The company had last month file an application before the capital market regulator seeking to close the case.
A consent application is an out-of-court settlement over securities law violations. It is negotiated between the regulator and the entity concerned, without admission of guilt and without denial of liabilities, and involves the payment of a fee.
InterGlobe Aviation Ltd, the parent company of IndiGo, has paid Rs 2.1 crore to SEBI towards settlement in a case over alleged violations of corporate governance norms.The Securities and Exchange Board of India (SEBI) had conducted an .
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NEW DELHI/SYDNEY (Reuters) - India’s IndiGo has emerged as one of the world’s biggest airlines by capacity, aided by a swift recovery in the domestic aviation market to nearly 80% of pre-pandemic levels and the financial strength to boost market share as rivals struggle.
FILE PHOTO: An IndiGo Airlines Airbus A320 aircraft takes off in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo
The airline is now the world’s seventh biggest by capacity and the largest outside the United States and China, according to data firm OAG. It is a rare bright spot in a battered global aviation industry, providing a lifeline to squeezed lessors and aircraft manufacturers by paying bills on time and in full.