Rahul Bhatia and affiliates -- InterGlobe Enterprises (IGE) Group -- has around 38 per cent stake in the company and Rakesh Gangwal and his related entities own around 36.64 per cent stake.
According to the AoA, if any member of Rahul Bhatia-led IGE Group wants to transfer shares to a third party, then the non-transferring group will have the 'Right of First Refusal' subject to certain conditions.
Similarly, the non-transferring group will also have the 'Tag Along Right' wherein it would have the option to sell some part of the shareholding.
The differences between co-founders and co-promoters -- Rakesh Gangwal and Rahul Bhatia -- came to the fore in July 2019 after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company. In the wake of the feud, arbitration proceedings are also going overseas between the two promoters' sides.
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