1 min read.Updated: 25 Sep 2021, 04:08 PM IST Edited By Vivek Punj
The IndiGo parent company was named as a respondent in the arbitration proceedings but no monetary claims were sought from the company by the IGE Group or the RG Group
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The London Court of International Arbitration has given the final arbitration award in feud between promoters Rahul Bhatia and Rakesh Gangwal, with no direction to the holding company InterGlobe Aviation. The arbitrator issued the award on September 23, Friday, the company said in a regulatory filing.
The proceedings were initiated on October 1, 2019, by InterGlobe Enterprises Ltd (IGE) and Bhatia against Gangwal, the Chinkerpoo Family Trust and Shobha Gangwal (RG Group).
“Pursuant to the Award, no directions have been issued to the Company. The award has issued directions to each of the RG Group and IGE Group in relation to the relief sought by them against each other," the company said in a statement on Saturday.
The award also directs the reimbursement of the costs incurred by the Company in relation to the arbitration by the IGE Group, it added.
InterGlobe Aviation did not mention the specific details about the arbitration award in its filing.
In the arbitration proceedings, the IndiGo parent company was named as a respondent but no monetary claims, including any compensation, were sought from the company by the IGE Group or the RG Group.
The IGE Group had sought certain reliefs against the RG Group, including in relation to compliance with the shareholders agreement and the company's Articles of Association (AoA) as well as damages, as per the filing.
"The AG Group also sought certain reliefs against the IGE Group, including to carry out all requisite steps and actions, provide consents and assistance to remove certain transfer restriction provisions from the company's articles," it added.
The rift between IndiGo promoters Rahul Bhati and Rakesh Gangwal came into public view in July 2019 after the latter wrote to markets regulator Sebi seeking its intervention to address corporate governance issues at the company.
Bhatia's IGE Group had rejected the allegations.
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