Indigo s parent company settles case with SEBI over norm violations freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
Indian low-cost carrier IndiGo’s parent Interglobe Aviation has agreed to pay Rs21 million ($288,000) to India’s securities regulator to settle a case involving compliance violations.
Settlement with payment of Rs 2,19,37,500
SEBI had sent SCN to InterGlobe post allegations by Rakesh Gangwal
InterGlobe Aviation has managed to settle the proceedings against the company and its promoters with SEBI. The market regulator has said that Interglobe went ahead and offered to settle dispute pending. It said, Pending Adjudication Proceedings, the Notice proposed to settle the instant proceedings initiated against it, without admitting or denying the findings off act and conclusions of law, through a settlement order .
The internal committee of SEBI went ahead and met the representatives of InterGlobe and a sum of two crore ten lakhs seventy thousand and five hundred was agreed by both SEBI and InterGlobe. Authorized Representatives of the applicant, attended a meeting with the Internal Committee on Consent on December 28, 2020. During the aforesaid meeting, the settlement terms of 2,10,37,500 as settlement amount towards the alleged violation of the provisions, rea
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IndiGo Parent Company InterGlobe Aviation Settles SEBI Case for Allegedly Violating Norms
Pending adjudication proceedings, InterGlobe Aviation proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of fact and conclusions of law, through a settlement order.
View of IndiGo flight. Photo: PTI
Business10/Feb/2021
New Delhi: InterGlobe Aviation, the parent of the country’s largest airline IndiGo, has settled with SEBI a case of alleged corporate governance lapses and listing norms violations that were raised by the company’s co-promoter Rakesh Gangwal.
The company has settled the matter “without admitting or denying any violation on its part,” by paying a settlement charge of Rs 2.1 crore, according to a SEBI order passed on Tuesday.