Gangwal, in keeping with his February 2022 announcement of a near-complete exit from the airline in five years, has been paring his stake at regular intervals.
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The Ajay Singh-led airline may have claimed it has turned profitable, or has a positive net worth for the first time in a decade, but a closer look suggests otherwise.
The self-styled options queen pulled off a Rs 104 crore scam, masquerading as a trading expert to play on investor gullibility, with nary a peep out of SEBI for over 10 years. Will the scourge ever be eradicated?
The past two months have seen the founder and chief executive of the low-cost airline battle intense regulatory scrutiny and suspension of senior executives. While a smart management move has brought some peace, the airline’s troubles are far from over.