With promoter spat intensifying at the country’s largest airline IndiGo, markets watchdog Sebi and the corporate affairs ministry have started digging deep into allegations of governance lapses and violations that could force the government to override existing arrangements and pacts at InterGlobe Aviation, officials said.
Bringing into public the differences between long-timefriends and promoters of IndiGo into the open, Rakesh Gangwal has sought Sebi’sintervention into alleged corporate governance lapses at the company and evensaid that ‘paan ki dukaan’ (betel shop) would have managed things with moregrace.InterGlobe Aviation, which got listed in 2015,has come under intense regulatory scanner and there are indications of multipleviolations of Sebi norms. The role of each and every entity associated with allboard members and entities linked to the promoters are being probed amid signsof lapses in complying with governance requirements, fair market trade andinsider trading norms, the officials said.