Research Icon - InterGlobe Aviation denies allegations of wrongdoing or avoidance of process

InterGlobe Aviation (IndiGo) Ronojoy Dutta, the Whole Time Director and CEO of the company said that it has responded to all queries by the SEBI on related-party transactions (RPTs).

Statement by Ronojoy Dutta, Whole Time Director and CEO said in a statement that, “A section of the media has reported regarding the outcome of a "preliminary SEBI enquiry" on InterGlobe Aviation ('IndiGo'). As already notified to the Stock Exchanges yesterday, IndiGo once again clarifies that it has not received any communication from the SEBI regarding any outcome of any preliminary enquiry by SEBI. Further, IndiGo strongly denies any allegations of wrongdoing or avoidance of processes. It reiterates that it has strong processes for ensuring arm’s length dealings with related parties and that such transactions were entered into in the ordinary course of business and were in the best interests of IndiGo.”

“IndiGo has responded to all queries from the SEBI regarding these matters and remains confident that its position will be accepted. If and when SEBI conveys to IndiGo any outcome of an enquiry, IndiGo being confident of its compliance record, will deal with it appropriately. IndiGo requests all media outlets to refrain from relying on unverified "source-based"information on this matter,” Ronojoy Dutta added.

The stock is currently trading at Rs1,369, down by Rs25.05 or 1.8% from its previous closing of Rs1,394.05 on the BSE. The scrip opened at Rs1,382.90 and has touched a high and low of Rs1,382.90 and Rs1,368 respectively.

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