Interglobe Aviation, the company that operates India’s largest airline IndiGo, has settled pending dispute with market regulator Securities and Exchange Board of India (Sebi) by agreeing to settlement charges of Rs 2.1 crore. The matter pertains to alleged violation of disclosure norms pertaining to related party transactions (RPTs) between the company and IGE Group, controlled by co-founder Rahul Bhatia. In May 2020, Sebi appointed an officer to look into complaints filed by another co-founder Rakesh Gangwal. He alleged several violations of corporate governance norms, RPT norms, disclosure norms and misrepresentation in the IPO document in October 2015 at the company Based on its investigation, Sebi issued a show cause in November to InterGlobe, seeking explanation on several violations.
InterGlobe Aviation pays ₹2.10 crore to SEBI to settle alleged violation of norms
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SEBI disposed of the proceedings against InterGlobe Aviation, according to news agency
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InterGlobe Aviation Ltd has settled a case with the Securities and Exchange Board of India involving alleged violation of corporate governance norms raised by its co-founder and director Rakesh Gangwal. The company paid ₹2.10 crore to the regulator. The company settled the matter without admitting or denying any violation on its part, by paying a settlement charge of ₹2.1 crore, according to a SEBI order, reported
PTI. The watchdog initiated an investigation against the airlines after it had received several complaints from Rakesh Gangwal alleging several violations.
IndiGo parent InterGloble Aviation pays Rs 2.1 crore to settle case with SEBI
The case pertains to alleged corporate governance lapses and listing norms violations that were raised by IndiGo s co-promoter Rakesh Gangwal in 2019
BusinessToday.In | February 9, 2021 | Updated 23:16 IST
InterGloble Aviation settles case with SEBI
InterGlobe Aviation, the parent of low-cost carrier IndiGo, has paid Rs 2.10 crore to Securities and Exchange Board of India (SEBI) to settle a pending case. The case pertains to alleged corporate governance lapses and listing norms violations that were raised by the company s co-promoter Rakesh Gangwal.
The company has settled the matter without admitting or denying any violation on its part, by paying a settlement charge of Rs 2.1 crore, as per a SEBI notification issued on Tuesday.
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Mumbai: InterGlobe Aviation, parent of India’s largest airline Indigo, has settled a case with the Securities and Exchange Board of India(Sebi) for alleged violation of corporate governance norms by paying Rs 2.10 crore as settlement charges. The capital markets regulator said pending adjudication proceedings,
InterGlobe Aviation proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of fact and conclusions of law, through a consent order. ET reported on Tuesday that InterGlobe had moved Sebi to settle the violation through the consent process.
The capital markets regulator said in its order on Tuesday, Rakesh Gangwal, co-founder of InterGlobe Aviation, had in his complaint alleged several violations including non-compliance of corporate governance norms by the company, related party transactions(RPT) between InterGlobe Aviation and the IGE Group, delay in disclosure of important information to the company s board