In an attempt to put a stop to speculations over a legal scuffle between the two promoters of IndiGo airlines, Ronojoy Dutta, CEO, IndiGo in a press statement on Saturday said that there was no dispute on the shareholders agreement or any disagreement over the company’s international expansion plans.
There has been some speculation that perhaps some disagreement centres round one of the promoters, Rakesh Gangwal, seeking to acquire more control of the management and the Board.
Responding to this Dutta said: “I am authorized by Rakesh Gangwal to make the following statement on his behalf — “I am categorically and clearly stating that there is no interest or desire whatsoever on the part of the RG Group to take control of the company. Also, to put to rest the messaging on the fact that the RG Group is attempting to renegotiate the shareholders agreement, I am placing on record that the RG Group stands by the current SHA which, in any case, expires this October.”
Dismissing media reports about disagreement over international operations, Dutta said: “Please do not believe these baseless speculations, we remain committed to our path of a rapid build-up of airline connectivity within India and to international destinations”
On the hiring of law firms by the two promoters, Dutta said: “They continue to represent the promoters on various ongoing matters as it relates to their shareholding in IndiGo. Thus, the 4-year-old ongoing retainer history of the law firms should not be presented or seen as a new revelation.”
He, however, admitted that there were some differences that would be sorted out. “We all know, that in any strong and well-managed company there will always be differences. And, yes, there may be differences currently on certain matters but the company has a great track record of resolving issues and coming out ahead.”
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