No Court Relief For IndiGo's Gangwal Seeking EGM To Lift Curbs On Share Sale

The Delhi High Court has refused to intervene, at this point in time, in implementation of an arbitral award in the shareholder dispute between Rahul Bhatia and Rakesh Gangwal. The two are co-founders of IndiGo Airlines and promoters of its parent company InterGlobe Aviation Ltd.

But that 30-day period has yet to run out and hence the court on Friday declined to intervene at this stage, except to enable Gangwal's payment of $50,000 to Bhatia as per the award.

If and when an EGM is held to remove the transfer restrictions on promoter shareholding, it may spark fresh speculation on whether Gangwal is seeking to sell part or all of his stake.

Gangwal's previous attempt to vote out the transfer restrictions failed due to lack of support from Bhatia.

For more on the transfer restrictions and implications of their removal, click 👇🏼.