IndiGo promoter feud: Rahul Bhatia & IGE Enterprises seek arbitration

IndiGo promoters -- InterGlobe Enterprises and Rahul Bhatia -- have sought arbitration proceedings in London against the backdrop of differences with co-promoter Rakesh Gangwal. In a filing to the stock exchanges on Tuesday, InterGlobe Aviation said the two entities have submitted a request for arbitration on October 1 to the London Court of International Arbitration. READ| DGCA suspends 2 Indigo pilots for 3 months over runway incursion The pact was amended on September 17, 2015 InterGlobe Aviation is the parent of IndiGo, the country's largest airline in terms of domestic market share. The request has been submitted under the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015, the filing said. The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal -- the RG Group -- and InterGlobe Aviation Ltd. "This dispute relates to claims of the IGE Group against the RG Group regarding, inter-alia, compliance with the shareholders' agreement and the articles of the association of the company and damages. "Under the request for arbitration, no relief has been sought against the company," it said. READ| DGCA releases order restricting people from entering the cockpit Shares of the airline declined 1.10 per cent to close at Rs 1,870.85 The company has been named as a respondent as it is a party to the shareholders' agreement, the filing added. Bringing the differences between long-time friends and promoters of IndiGo into open, Gangwal, in July, had sought Sebi's intervention in alleged corporate governance lapses at the company. The allegations were rejected by Bhatia group. Shares of the airline declined 1.10 per cent to close at Rs 1,870.85 on the BSE on Tuesday READ| DGCA grounds three pilots, two engineers of IndiGo, details here READ| AI sale: NITI Aayog gives SpiceJet's suggestions to Aviation Ministry

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IndiGo promoter feud: Rahul Bhatia & IGE Enterprises seek arbitration

IndiGo promoters - InterGlobe Enterprises & Rahul Bhatia - have sought arbitration proceedings in London against the backdrop of differences with Rakesh Gangwal

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