InterGlobe Aviation pays Rs 2.1 crore as settlement charges to Sebi

On BSE, the stock was trading at Rs 1,614.7 down 2.81 per cent.

New Delhi: Shares of InterGlobe Aviation Ltd on Wednesday tumbled nearly 3 per cent during the morning trade after the company paid over Rs 2.1 crore to regulator Sebi to settle a case of alleged corporate governance lapses and listing norm violations.

On BSE, the stock was trading at Rs 1,614.7 down 2.81 per cent.

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Similarly, on NSE, the scrip slipped 2.83 per cent to Rs 1,615.

The complaints were raised by the company’s co-promoter Rakesh Gangwal.

InterGlobe Aviation 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.

The order comes more than a year after InterGlobe Aviation’s co-promoter Gangwal alleged corporate governance lapses at the company. Gangwal and co-promoter Rahul Bhatia have differences over certain corporate governance matters. Bhatia camp had rejected the allegations.

Gangwal’s complaints related to alleged corporate governance lapses, including those pertaining to Related-Party Transactions.