IndiGo or InterGlobe Aviation's co-promoter and former US Airways chief executive and chairman Rakesh Gangwal has lodged his grievances against various issues pertaining to India’s largest airline.

In his letter to Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi and other top officials, Gangwal said IndiGo has started veering off from the core principles and values of governance that made IndiGo what it is today.

He raised serious objections to related party transactions in the company, stating that various fundamental governance norms and laws were not being adhered to. He warned that this will lead to unfortunate outcomes if effective measures are not taken.

Gangwal has sought regulatory intervention from Sebi to resolve the issues.

As of March 31, the two promoters hold 74.93 percent share in the company while the rest 25.07 percent is held by public. Rahul Bhatia and his associates hold the highest stake in the company at 38.26 percent.

In the public shareholding, 5.03 percent is held by mutual funds, and the rest 20.12 percent is owned by institutions, 14.98 percent of which are foreign institutional investors.

Rahul Bhatia is associated with 16 companies, including as whole-time director in InterGlobe Enterprises.

CNBCTV18.com's research from publicly available information shows that Bhatia is associated with the following companies:

IGT Solutions Pvt Ltd since March 3, 1999.

InterGlobe Foundation since June 10, 2010.

InterGlobe Education Services Ltd since September 7, 2011.

InterGlobe Aviation ltd since January 13, 2004.

InterGlobe Enterprises, an amalgamated company, since September 13, 1989.

Indus Aviation Services Pvt Ltd since June 26, 2001. The company's current status shows is dissolved.

Shree Nath Shares Pvt Ltd since May 30, 2003.

AAPC India Hotel Management Pvt Ltd since May 20, 2016.

Pegasus Utility Maintenance & Services Pvt Ltd since November 30, 2012.

ITQ Consultancy Pvt Ltd since April 27, 2007. The company's status shows under liquidation.

InterGlobe Technology Quotient Pvt Ltd since January 14, 2005.

InterGlobe Hotel Pvt Ltd since April 16, 2018.

Bharat Telecom Pvt Ltd since December 29, 2006. The company's current status shows dissolved.

InterGlobe Luxury Products Pvt Ltd since January 14, 2005.

InterGlobe Enterprises Pvt Ltd since March 17, 1997.

Motherland Joint Ventures Pvt Ltd since October 1, 2016.

On the other hand, Rakesh Gangwal has been associated with just InterGlobe Aviation as director since June 25, 2015.

With a net worth of $4.23 billion, Bhatia is ranked nineteen among the twenty Indians featured on the Bloomberg Billionaires Index, while Gangwal’s wealth has been estimated at $3.4 billion.

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First Published:Jul 10, 2019 2:57 PM IST