CURRENT AFFAIRS

Detailed explanation-1: -InterGlobe Aviation Ltd, which operates India’s largest low-cost carrier (LCC) IndiGo, has faced turbulence for over two years due to the feud between the promoters but the upcoming shareholders’ meet on December 30 could potentially make way for a smooth flight.

Detailed explanation-2: -The dispute between the co-founders started in 2019 when Gangwal wrote to the Prime Minister’s Office (PMO) and the Securities and Exchange Board of India (Sebi) accusing Bhatia of indulging in “questionable related-party transactions” between InterGlobe Aviation and Bhatia group entities.

Detailed explanation-3: -Mr. Rahul Bhatia is the Promoter and Managing Director of the Company. He is also the Group Managing Director of InterGlobe Enterprises. He holds a degree in electrical engineering from the University of Waterloo in Ontario, Canada.

Detailed explanation-4: -Gangwal and his family own 36.61 per cent stake in InterGlobe Aviation. As of April-June quarter, Gangwal and his family held 36.61 per cent stake in IndiGo. Of this, Gangwal and his wife held 14.6 per cent and 8.39 per cent stake whereas the rest is held by the Chinkerpoo Family Trust, as per news agency PTI.

Detailed explanation-5: -IndiGo was founded in 2006 as a private company by Rahul Bhatia of InterGlobe Enterprises and Rakesh Gangwal. InterGlobe had a 51.12% stake in IndiGo and 47.88% was held by Gangwal’s Virginia-based company Caelum Investments.