EY finds no major lapses in IndiGo dealings after Gangwal points finger

Audit done after co-promoter Gangwal questioned related-party transactions

An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company. The forensic review of the airline, done by consultancy firm EY, says all such transactions since its public listing were done at “arm’s length”, approved by the audit committee.

However, the report also notes instances where permission from the audit committee came after the transactions were executed. According to corporate law parlance, a transaction is said to be done at arm’s length when a proper tendering process has been followed. 

“All transactions entered into with related parties as defined under the Act and the