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
September 17,2024

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New Delhi: The Supreme Court on Tuesday halted unauthorised bulldozer action against private property, anywhere in the country, till October 1, dismissing concerns by the government that demolitions sanctioned after following due process could be impacted. 

The "heavens won't fall if we ask you to hold your hands till the next hearing", a bench of Justice BR Gavai and KV Viswanathan declared.

An irate top court - which has already come down hard, twice this month, on 'bulldozer justice' meted out by various state governments - also warned the government against "grandstanding" and "glorification" of this practice. "No demolition, till next, date, without permission of this court," the government was told, and warned the Election Commission may also be put on notice.

The court's reference to the poll panel is significant given elections are due in Jammu and Kashmir (the first Assembly election in a decade) and Haryana, where the Bharatiya Janata Party is looking to return to power. Elections are also due this year in BJP-ruled Maharashtra and Jharkhand.

The court, however, also clarified its order is not applicable to removal of encroachments in public spaces such as roads, railway tracks, water bodies, etc.

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News Network
September 17,2024

justice.jpg

New Delhi: The Supreme Court on Tuesday halted unauthorised bulldozer action against private property, anywhere in the country, till October 1, dismissing concerns by the government that demolitions sanctioned after following due process could be impacted. 

The "heavens won't fall if we ask you to hold your hands till the next hearing", a bench of Justice BR Gavai and KV Viswanathan declared.

An irate top court - which has already come down hard, twice this month, on 'bulldozer justice' meted out by various state governments - also warned the government against "grandstanding" and "glorification" of this practice. "No demolition, till next, date, without permission of this court," the government was told, and warned the Election Commission may also be put on notice.

The court's reference to the poll panel is significant given elections are due in Jammu and Kashmir (the first Assembly election in a decade) and Haryana, where the Bharatiya Janata Party is looking to return to power. Elections are also due this year in BJP-ruled Maharashtra and Jharkhand.

The court, however, also clarified its order is not applicable to removal of encroachments in public spaces such as roads, railway tracks, water bodies, etc.

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News Network
September 20,2024

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Mandya: The Deputy Superintendent of Police of Nagamangala town in Mandya district has been suspended for "negligence and dereliction of duty" in connection with the clashes that broke out between two groups during a Lord Ganesh idol procession, police said on Friday.

This is the second suspension of a police officer over the clashes on September 11 following which mobs went on a rampage targeting several shops and vehicles leading to tension here.

The situation in the town has since returned to normalcy and most of the shops have started operating. However, adequate security forces continued to be stationed here as a precautionary measure, according to police.

Sumeeth A R, DySP (Nagamangala), was suspended on Thursday for negligence and dereliction of duty, Mandya Superintendent of Police Mallikarjun Baldandi told PTI.

"He (Sumeeth) was not present at the spot nor was he at the police headquarters when the incident occurred. He arrived late at the spot despite the sensitive nature of events," he said.

Earlier, Police Inspector Ashok Kumar posted at Nagamangala town police station was suspended for dereliction of duty in connection with the violence.

A total of 55 people have been arrested in connection with the incident.

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

The police had used mild force to disperse the crowd to control the situation.

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