More turbulence is headed IndiGo’s way after founder Rahul Bhatia rejected the allegations of co-founder Rakesh Gangwal claiming that the related party transactions (RPT) of the airline with his IGE Group were in order. Gangwal has alleged that the RPTs that India’s largest airline signed with IGE Group were against the company’s interests.
The IGE Group said an internal committee set up by the IndiGo board in March reviewed the RPTs, a media report said. The committee had been set up at the behest of IndiGo chairman M Damodaran after auditors EY gave an internal report on the transactions, according to the report in The Economic Times. The committee that included chief executive Ronojoy Dutta and chief financial officer Rohit Philip submitted its report to the board on April 4. But the board could not discuss the report because of differences between Bhatia and Gangwal. Read More