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Sebi finds undisclosed related party transactions at IndiGo in preliminary enquiry

The Securities and Exchange Board of India (Sebi) has found undisclosed related party transactions (RPTs) at Interglobe Aviation (IndiGo) in its preliminary enquiry, sources told Moneycontrol.com. The market regulator has completed the preliminary enquiry, which has been initiated over complaints by Rakesh Gangwal to the Sebi chairman.
However, in a stock exchange filing, the company has said the report is 'factually incorrect' and it has not received any communication from Sebi in this regard.
Sebi has found many undisclosed RPTs between the IGE and IndiGo and the threshold of those transactions are high and it was not cleared by the audit committee. Sebi is now taking up this matter to the Committee of Internal Division Chief (CIDC) for further action, the sources said.
The CIDC will now take a call whether they want to go for the forensic audit or the adjudication process.