IndiGo promoter seeks arbitration against co-promoter Gangwal

Last Updated: Wed, Oct 02, 2019 13:40 hrs
An IndiGo Airlines Airbus A320 aircraft is pictured parked at a gate at Mumbai's Chhatrapathi Shivaji International Airport

Mumbai: Budget airline IndiGo on Tuesday said that one of its promoters, InterGlobe Enterprises (IGE) and Rahul Bhatia, have approached the London Court of International Arbitration to settle dispute with another promoter Rakesh Gangwal under the shareholders agreement.

According to a BSE filing, IndiGo said that it has been named as a respondent "as it is a party to the shareholders agreement".

"We hereby inform you that InterGlobe Enterprises Private Limited and Rahul Bhatia, as claimants, have submitted a Request for Arbitration dated October 1, 2019 to the London Court of International Arbitration under the shareholders agreement dated April 23, 2015 executed between, inter-alia, the IGE Group, Rakesh Gangwal, The Chinkerpoo Family Trust, Shobha Gangwal and InterGlobe Aviation Limited," the company said in a regulatory filing.

"The IGE Group and the RG Group are promoters of the company. The company has been named as a respondent as it is a party to the shareholders agreement."