Bhatia group says Gangwal limited his financial risks

New Delhi: Asserting that the arrangement between the promoter groups has been transparent from inception at IndiGo, Rahul Bhatia group Sunday claimed that Rakesh Gangwal always limited his financial risks and was making insidious efforts to create an unseemly controversy about corporate governance.

In a reflection of the deep differences between the two promoter groups, InterGlobe Enterprises (IGE) Group has now issued three statements in less than a week seeking to clarify issues and reject the allegations by Gangwal. Gangwal has sought markets watchdog Sebi's intervention to address the corporate governance issues at InterGlobe Aviation -- the parent of the country's largest carrier IndiGo -- where he holds around 37 per cent stake while Bhatia group has about 38 per cent shareholding.

"Even more significantly, during the turbulent period of a fledgling airline, it was left to the IGE Group, as a responsible founder, to fend for IndiGo. Gangwal was missing in action at that time and there were stages where he wanted to de-risk and pushed for the business to be sold," the group said in a statement that also provided details about investments made by the two sides.