InterGlobe Aviation Ltd. has settled a case with the Securities and Exchange Board of India that alleged the parent of India's largest airline of violating corporate governance norms.
The company has paid Rs 2.10 crore without admitting or denying any violation on its part. SEBI initiated an investigation into the company after it received several complaints from its co-founder and director Rakesh Gangwal alleging it conducted related party transactions and made misrepresentations on its prospectus.
InterGlobe Aviation appointed EY to conduct an independent review of ongoing related party transactions in 2019 on the request of its chairman.
SEBI has now disposed of the proceedings against InterGlobe Aviation but has reserved the right to restore or initiate them again if any representations made by the company are subsequently found untrue.
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