To resolve the deep fissures that have apparently surfaced between the two major shareholders – Rahul Bhatia and Rakesh Gangwal, Indigo has headed for NCLT. The two shareholders along with other promoter entities hold about 75 percent in InterGlobe Aviation Ltd. i.e the listed company that runs the airline.
Gangwal and Bhatia have hired their prospected law firms for dispute resolution. Rakesh Gangwal has apparently hired Khaitan, whereas Rahula Bhatia has hired JSA Law. There has been no word on the nature of the differences.
Pavan Kumar, founder of advisory firm Corporate Professionals said, “Hiring of law firms imply there is a possible dispute which may end up in NCLT. First, efforts will be to resolve the differences within the board room as one of the issues that arise is who controls the company. Control on decisions of a company may differ even among those with similar shareholding, as support from directors of the company including independent directors may differ.”