IndiGo co-founder's family to sell stake up to Rs 7,500 crore?

News Network
June 12, 2023

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Mangaluru, June 12: The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline's parent InterGlobe Aviation Ltd, worth up to Rs 7,500 crore ($909.58 million), CNBC Awaaz said in a report, citing sources.

Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.

The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15, the report said.

Shobha Gangwal had cut her stake in the company by over 4% in February.

Interglobe Aviation and a representative for the Gangwal family did not immediately respond to Reuters' request for comment.

Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years.

Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.

Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report.

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News Network
October 1,2024

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Mysuru: The Mysuru land authority at the centre of a financial and political storm - involving Chief Minister Siddaramaiah and alleged losses of ₹ 45 crore to the state - has received an offer of restitution from his wife, the urban development body's Commissioner, AN Raghunandan said.

"I am in possession of a letter written by Siddaramaiah's wife regarding her intention to return 14 plots (of land). The Chief Minister's son, Yatindra Siddaramaiah, came to our office and delivered the letter. We will take legal advice for the next step..." he told reporters in Mysuru.

Mr Raghunandan also confirmed anti-corruption officials from the city's Lokayukta branch had written seeking cooperation in its inquiry into the charges against the Chief Minister.

He said the Mysuru Urban Development Authority, or MUDA, "will cooperate with the investigation".

The Enforcement Directorate, however, have not reached out as yet, Mr Raghunandan said. The ED, a federal agency, has filed a money laundering case against Siddaramaiah.

There have also been calls for the CBI, another federal agency, to investigate charges against the Chief Minister, but that appears unlikely now given the Karnataka government has withdrawn general consent for its operations in the state. Law Minister HK Patil made the announcement last week.

He ruled out any link with demands for the Chief Minister to be investigated by the CBI, which reports to the BJP-led central government and the ruling Congress and other opposition parties have claimed is being used by that party to target rival leaders, particularly before elections.

On Monday - three days after the Lokayukta filed a case against the Chief Minister, and hours after the ED launched its probe- Siddaramaiah's wife said she had planned to give up the land earlier but was advised against it the allegations against her husband are "politically motivated".

But now, she said, she had made up her mind as "no house, plot, or wealth is more important than my husband's honor, dignity, and peace of mind". She also said the decision was hers alone; "... I am not aware of my husband's opinion on this matter, nor do I concern myself with what my son thinks".

And, in a comment seen as a calculated swipe at the opposition BJP, which is leading calls for the Chief Minister's resignation, his wife also made an emotional appeal to "all political parties and the media" to "please not drag women of political families into the controversy to settle political scores".

Investigative action against the Chief Minister follows the Karnataka High Court quashing a challenge to Governor Thawar Chand Gehlot's order sanctioning Siddaramaiah's prosecution.

Subsequently a trial court ordered framing of charges and directed the Lokayukta to complete the investigation within three months. The ED case was filed based on the Lokayukta FIR.

Siddaramaiah faces an inquiry into claims Parvathi was allotted 14 plots of land in an upmarket Mysuru area as compensation for land elsewhere - holding a far lower value - taken for infrastructure projects.

The Chief Minister has denied all charges and refused calls to resign.

He has been backed by the Congress and his deputy, DK Shivakumar, who is also the state unit boss, and also by members of his cabinet, including IT Minister Priyank Kharge. However, some within the Congress also want him to quit, such as former Assembly Speaker KB Koliwad.

"I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," he said last week after the High Court had quashed his challenge to the Governor's sanction.

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News Network
September 25,2024

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In a significant development, a special court tasked with handling cases against Members of Parliament and Members of Legislative Assemblies (MP/MLAs) has ordered that a First Information Report (FIR) be filed regarding the Muda case.

Additionally, the Karnataka Lokayukta, which is an anti-corruption body, has been tasked with investigating allegations against Siddaramaiah, who is reportedly involved in the case.

The court instructed the Lokayukta (an anti-corruption authority) to provide a report within three months. It also ordered the relevant authorities to file a First Information Report (FIR) regarding the case.

Judge Santhosh Gajanan Bhat issued the directive, compelling the Mysuru Lokayukta police to commence an investigation following a formal complaint lodged by Snehamayi Krishna. 

The Karnataka Lokayukta in Mysuru is required to carry out the investigation under Section 156 (3) of the Criminal Procedure Code, which mandates the registration of a First Information Report (FIR).

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News Network
September 17,2024

Kalaburagi: Karnataka Home Minister G Parameshwara on Tuesday said that alleged role of "outsiders" belonging to the banned Popular Front of India (PFI) in the violence at Nagamangala will be examined and action taken based on the probe report.

Clashes broke out between two groups during a Ganesh idol procession in the town in Mandya district following which mobs went on a rampage targeting several shops and vehicles leading to tension on September 11 night.

"Everything will be examined, investigation will be done, on getting the report we will decide. We will not protect anyone, and unnecessarily no one will be punished. We will look into the facts based on the inquiry report and take action accordingly," Parameshwara told reporters here.

He noted that two officials -- Deputy Superintendent of Police and Inspector -- have already been suspended, and added that further action will be taken based on the report.

The Minister said the government has taken the Nagamangala violence seriously and there is no question of taking such incidents lightly. "BJP makes such allegations, but we too have responsibility, we don't take anything lightly."

On allegations that "outsiders" were involved in the violence, Parameshwara said if inquiry reveals complicity of such elements, it would be examined and action taken accordingly.

Regarding claims that those belonging to the banned PFI were involved, he said: "It will be known from the probe."

On demand for a National Investigation Agency (NIA) probe into Nagamangala violence by BJP which alleged "failure" of state's home department, Parameshwara said: "they keep saying such things, we will not listen to all that."

According to police, an argument had broken out between two groups, when the procession by devotees from Badri Koppalu village reached a place of worship on September 11, and some miscreants hurled stones, which escalated the situation.

Following the clashes between the two groups, a few shops were vandalised and goods torched and vehicles set on fire, they added.

To allegations from some BJP leaders that the party MLA Munirathna was arrested "hurriedly", Parameshwara said, police acted after the complaint was given, "what's wrong in that?"

Munirathna, who represents Rajarajeshwari Nagar Assembly segment here, was picked up from Nangli village in Kolar’s Mulbagal on Saturday evening on charges of harassing a Bruhat Bengaluru Mahanagara Palike (BBMP) contractor for bribe, casteist slurs on a former corporator, and also cheating, criminal intimidation and insulting a woman’s modesty.

Asked about "illegal items" seized from the prison here recently by officials, he said an investigation has begun on this.

When a photo of actor Darshan Thoogudeepa, who was lodged in Parappana Agrahara Prison here, hanging out with other inmates surfaced recently, action was taken based on the probe report and eleven officials were suspended.

"I will look into recent seizures made too and action will be taken; also probe is on at other prisons in the state and action will follow if anything wrong is found," the Minister added.

Police raided the high-security wing of Parappana Agrahara Central Prison here on Saturday and seized smartphones and other illegal goods.

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