NEW DELHI: The bitterness between
IndiGo’s feuding co-founders — Rahul Bhatia and Rakesh Gangwal — hit a new high on Friday when the Bhatia family-controlled InterGlobe Enterprises (IGE) responded to Gangwal complaining about lack of corporate governance in the airline.
“Paan ki dukaan has apparently done well and continues to do well. It is financially sound. It is well run and managed by a competent set of managers,” IGE said in a statement. Gangwal had earlier said that a
'paan ki dukaan'
would have handled things better.
“Rahul Bhatia and Gangwal — both being seasoned business persons (and certainly one of them with a reputation of being a super negotiator for deals worth billions of dollars) — signed a heavily negotiated shareholders agreement (SHA) between IGE Group and RG (Rakesh Gangwal) Group … Gangwal, though entitled to appoint a director on the board of IndiGo, right from the inception of his investment in 2006, chose not to join the board or to appoint any other nominee. It was not until June 2015 (prior to the IPO) that Gangwal finally joined the board. By 2015, IndiGo had established itself as the most successful airline ever in India,” the IGE statement said, adding, “As a precursor to the IPO, the SHA was re-negotiated, and heavily re-negotiated, and amended twice to comply with regulatory requirements.”
IGE has denied any wrongdoing.
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