IndiGo promoter feud: Rahul Bhatia & IGE Enterprises seek arbitration

IndiGo promoters -- InterGlobe Enterprises and Rahul Bhatia -- have sought arbitration proceedings in London against backdrop of differences with co-promoter Rakesh Gangwal. In a filing to stock exchanges on Tuesday, InterGlobe Aviation said two entities have submitted a request for arbitration on October 1 to London Court of International Arbitration.

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pact was amended on September 17, 2015

InterGlobe Aviation is parent of IndiGo, country's largest airline in terms of domestic market share. request has been submitted under shareholders' agreement, dated April 23, 2015. pact was amended on September 17, 2015, filing said. agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, Chinkerpoo Family Trust, Shobha Gangwal -- RG Group -- and InterGlobe Aviation Ltd.

"This dispute relates to claims of IGE Group against RG Group regarding, inter-alia, compliance with shareholders' agreement and articles of association of company and dams. "Under request for arbitration, relief has been sought against company," it said.

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Shares of airline declined 1.10 per cent to close at Rs 1,870.85

company has been named as a respondent as it is a party to shareholders' agreement, filing ded. Bringing differences between long-time friends and promoters of IndiGo into open, Gangwal, in July, h sought Sebi's intervention in alleged corporate governance lapses at company. allegations were rejected by Bhatia group. Shares of airline declined 1.10 per cent to close at Rs 1,870.85 on BSE on Tuesday

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