Comments
InterGloble Enterprises (IGE) is said to have started litigation in the American states of Florida and Maryland against Rakesh Gangwal, one of the two co-promoters of IndiGo.
The news about InterGlobe starting arbitration proceedings was put out by LAW 360, a LexisNevis company with its office in New York. The report states IGE has filed litigation in Florida and Maryland as it seeks information for an arbitration proceeding in New Delhi that relates to the power struggle for control over IndiGo.
Interestingly, the arbitration proceedings are going on at the London Court of International Arbitration (LCIA). The proceedings were started by Rahul Bhatia, who is the co-promoter of IndiGo along with Gangwal, on October 1. The LAW 360 report goes on to say that Bhatia told a federal court in Florida on Wednesday that they are seeking information related to a shareholders’ agreement between IndiGo, IGE, the Bhatia family, Rakesh Gangwal and his wife Shobha.
Neither Bhatia, nor Gangwal nor M Damodaran (former SEBI chief and Chairman of InterGlobe Aviation) responded to text messages seeking their response. IGE, which is registered in India, has not yet informed the BSE about the latest litigation proceedings in the US.
On Thursday, IGE merely informed the BSE that it will hold its board meeting on October 24 for its H1 results.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.