'Paan Ki Dukaan has apparently done well and continues to do well; it is financially sound; it is well run and managed by a competent set of managers.' Indigo Airways promoter and co-founder Rahul Bhatia said in a statement.
The differences within India's largest airline have been brewing from the past one year but they took a nasty turn after promoter Rakesh Gangwal has reached out to market regulator Sebi to intervene and settle the matter.
The group had on on April 19 told the court that they would sell a parcel of the Aamby Valley properties and deposit the amount in the account by May 15 since auctioning would not fetch the desired price.
Hole-in-the-wall accountants, Tier-2 CA firms and the Big Four—all share a professional DNA of trickery. From there, it’s a tiny step to fraud. In the case of foreign firms, their very presence in India hinges on that.