InterGlobe Aviation pays Rs 2.1 crore as settlement charges to Sebi

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.

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.