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Rakesh Gangwal in July accused co-founder Rahul Bhatia of using his rights to push through party-related transactions in violation of rules.
The tussle could result in a drawn out legal battle, allow rivals to take advantage, dilute the IndiGo brand & hurt its expansion plans.
Rakesh Gangwal has accused Rahul Bhatia of ‘questionable’ related party transactions, which Bhatia says have been conducted on an ‘arm’s-length’ basis.
Gangwal has locked horns with Bhatia over his controlling rights which he alleges allows his partner to push through related-party transactions in violation of rules.
With Indians’ trust in business and business tycoons at its lowest, any suggestion of impropriety can spiral out of control.
IndiGo co-founder Rakesh Gangwal on Tuesday alleged serious governance lapses by co-founder Rahul Bhatia in a letter to SEBI, causing a dip in the airline's market share.