InterGlobe Aviation Ltd, the parent company of Indigo, has settled a case with SEBI that alleged theft company of violating corporate governance norms.
The company has paid Rs 2.1 crore to the Securities and Exchange Board (SEBI) without admitting or denying any violations on its end.
SEBI had conducted an investigation based on several complaints from Rakesh Gangwal, co-founder and director of Interglobe Aviation.
The complaints alleged several violations regarding compliance of corporate governance norms, related party transactions between the company and the ‘IGE Group’, timely intimation of important information to the board of directors of InterGlobe and misrepresentation made by the company in its Red Herring Prospectus dated October 16, 2015.
As of now, SEBI has not disposed the proceedings against the private firm but has reserved the rights to initiate them again if any data presented by InterGlobe Aviation is found untrue.
The company had last month file an application before the capital market regulator seeking to close the case.