SEBI to scrutinise public statements made by IndiGo CEO Ronojoy Dutta

New Delhi: The promoter feud at InterGlobe Aviation intensified over governance issues. Co-founder and promoter Rahul Bhatia’s group on Wednesday alleged that all related party deals were done at arm’s length and that more favourable treatment was extended to the company than other customers.

ET Now learnt from sources that SEBI is checking if IndiGo CEO Ronojoy Dutta downplayed the promoter tiff between Bhatia and Gangwal. The market regulator will scrutinise CEO public statements and the extent of disclosures made by him. A probe will be conducted to see if the CEO misled shareholders by not fully disclosing the extent of promoter tiff.

On July 10, a day after the spat between the promoters of the country’s largest carrier became public, Dutta said in a letter to staffers the issues between promoters have nothing to do with IndiGo and its functioning. “The issues between them will eventually get sorted out but I want to stress that these issues have nothing to do with the airline and its functioning,” he said.

It is to be mentioned that after the initial report of the feud surfaced in media in May this year, IndiGo CEO Ronojoy Dutta wrote a letter to employees which said that issues between promoters have nothing to do with IndiGo and its functioning. “The issues between them will eventually get sorted out but I want to stress that these issues have nothing to do with the airline and its functioning,” Ronjoy Dutta said.

ET NOW mailed IndiGo regarding the matter but no response has come so far. Amidst all this, institutional investors are reaching out to the promoters.

It may be noted that InterGlobe Aviation Ltd (IGAL), the parent of the country’s largest airline IndiGo, is witnessing a spat between co-founders and promoters — Rakesh Gangwal and Rahul Bhatia. The feud has taken a toll on the company’s stock price. Gangwal recently alleged that the company has “started veering off” from the core principles and values of governance and that even a “paan ki dukaan” would have managed matters with more grace.

In an exchange filing, the company said its board of directors received a letter from Gangwal and Sebi has also sought a response on the letter. The markets regulator has been probing the matter ever since reports of difference between the promoters surfaced in May. The filing stated, “Sebi has in the meantime asked the company to give its response to this letter by July 19, 2019, with which the company will comply.”

It is worth mentioning that Rakesh Gangwal and Rahul Bhatia have not communicated with each other directly or via lawyers since the public spat. While Bhatia is in the USA, Gangwal is in India meeting SEBI and government officials. For reader’s information, Gangwal and his affiliates have around 37 per cent stake in InterGlobe Aviation while Bhatia and his affiliates (IGE Group) have about 38 per cent stake.
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