Even a 'Paan Ki Dukaan' Would Have Managed IndiGo's Problem Better: IndiGo co-founder Rakesh Gangwal

IndiGo airline co-founder, Rakesh Gangwal wrote a letter to PM Narendra Modi, Finance Minister Nirmala Sitharaman and Aviation Minister Hardeep Puri along with Piyush Goyal and Arun Kumar.

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In a serious tiff between IndiGo co-founders Rakesh Gangwal and Rahul Bhatia related to the management of the company, the former wrote a letter to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Aviation Minister Hardeep Puri along with Piyush Goyal and Arun Kumar alleging that even a 'paan ki dukaan' (betel shop) can manage the issues with more grace. 

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Rakesh Gangwal who owns 37 per cent stake in IndiGo's parent company, InterGlobe Aviation has even issued the same letter to Securities and Exchange Board of India (SEBI) regulators stating serious government lapse at the company. Gangwal further accused Rahul Bhatia who owns 38 per cent stake of indulging in 'questionable transactions'. 

He further alleged that the company had started 'veering off' from its core principles. On June 12, Gangwal had written a letter seeking a general meeting and the proposal was rejected by Bhatia.

Bhatia has written to the board that the genesis of Gangwal's angst was his 'hurt ego' and refusal of the authorities to entertain his 'unreasonable demands'.  

Amidst the matter, on Wednesday, July 10, IndiGo's shares plunged as much as 19.24 per cent.

Rono Dutta, CEO of IndiGo recently issued a statement to the employees stating that the issues are between the promoters and have nothing to do with the airline and further said that the airline is functioning smoothly.  

Also Read: GoAir Is All Set To Connect Mumbai And Bangkok

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