IndiGo pays Rs 2.10 crore to Sebi to settle alleged violation of corporate governance - watsupptoday.com
IndiGo pays Rs 2.10 crore to Sebi to settle alleged violation of corporate governance
Posted 10 Feb 2021 04:54 PM

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IndiGo pays Rs 2.10 crore to Sebi to settle alleged violation of corporate governance

10-02-2021

InterGlobe Aviation Ltd, which operates budget carrier IndiGo, has settled a case with the Securities and Exchange Board of India (Sebi) involving lapses of alleged corporate governance by paying Rs 2.10 crore as settlement charges. The market regulator initiated a probe against the airline after it had received several complaints from IndiGo co-founder Rakesh Gangwal alleging several violations. The company has settled the matter "without admitting or denying any violation on its part," by paying a settlement charge of Rs 2.10 crore, according to a Sebi notification issued on Tuesday. The market watchdog mentioned in its order that Gangwal in his complaints alleged several violations, including non-compliance of corporate governance norms by the company, related party transactions between InterGlobe Aviation and the IGE Group, delay in disclosure of vital information to the company's board and misrepresentation made by the company in its red herring prospectus. As per the notification, the company, by letter dated January 7, 2021, proposed to pay Rs 2,10,37,500 "towards full and final settlement of all regulatory, civil or criminal proceedings in relation to the facts contained in the SCN (show-cause notice) without admitting or denying any violation on its part."

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