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...Interglobe Aviation fell as much as 17 per cent after Rakesh Gangwal said in a letter to the market regulator that “fundamental governance norms and laws are not being adhered”....
...The stock came under pressure after it emerged on Tuesday that Rakesh Gangwal, who owns 37 per cent of IndiGo, had sought intervention from India’s capital markets regulator over allegations of poor governance...
...The carrier’s bullish outlook on the Indian market has been clouded this year by a battle between co-founders Rahul Bhatia and Rakesh Gangwal for control of the company....
...On July 8, Rakesh Gangwal wrote a letter to the market regulator Securities and Exchange Board of India asking it to intervene over alleged violations of “fundamental governance norms” through a shareholding...
...Earlier in May, local media reported that the company’s two largest shareholders, Rahul Bhatia and Rakesh Gangwal, who hold stakes of about 38 and 37 per cent respectively, have fallen out over the terms...
...Gangwal, who hold stakes of about 38 and 37 per cent respectively, had hired lawyers as their power struggle escalates....
...Rakesh Gangwal, who holds a 37 per cent stake in the company, said that governance standards had “collapsed” at the airline and called on the regulator to intervene to limit the voting rights of Rahul Bhatia...
...IndiGo’s founders Rahul Bhatia, who began in the travel industry in 1989 as general sales agent, and Rakesh Gangwal, an international airline veteran who served as president and chief executive of US Airways...
...The president of the five-year-old carrier, owned by Rahul Bhatia, an Indian billionaire, and Rakesh Gangwal, the US Airways former chief executive, says that keeping things simple in a crowded field of...
...However, in spite of its stellar customer performance, industry experts have been wondering whether the company – co-founded by the media-shy Rakesh Gangwal and Rahul Bhatia – has made any money since it...
...“This order for industry-leading, fuel-efficient aircraft will allow IndiGo to continue to offer low fares,” said Rakesh Gangwal and Rahul Bhatia, co-founders of IndiGo....
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