Mumbai: The two warring founders of IndiGo are trying to find a middle ground on the contentious issue of related-party transactions, a day after a board meeting ended, but a consensus is still elusive, two people close to the matter said.
“The talks are still inconclusive,” one of the people said, but added that they might come to an agreement by Monday.
Late on Sunday night, Inter-Globe Aviation, which operates the airline, said the board decided to expand its strength to a maximum of 10 members, including four independent directors, a sign that there was some progress in the discussions as there were disagreements over the compositions of the board.
On related-party transactions, the company plans to put in place a new policy which will ensure all such agreements have its audit committee’s approval, the person said.
Related-party transactions are those where IndiGo signs deals with companies owned or part-owned by founder Rahul Bhatia’s conglomerate, InterGlobe Enterprises Group (IGE). Cofounder Rakesh Gangwal has complained to market regulator Securities and Exchange Board of India that several transactions signed in the past few years did not have the audit committee’s approval.
22/07/19 Economic Times
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“The talks are still inconclusive,” one of the people said, but added that they might come to an agreement by Monday.
Late on Sunday night, Inter-Globe Aviation, which operates the airline, said the board decided to expand its strength to a maximum of 10 members, including four independent directors, a sign that there was some progress in the discussions as there were disagreements over the compositions of the board.
On related-party transactions, the company plans to put in place a new policy which will ensure all such agreements have its audit committee’s approval, the person said.
Related-party transactions are those where IndiGo signs deals with companies owned or part-owned by founder Rahul Bhatia’s conglomerate, InterGlobe Enterprises Group (IGE). Cofounder Rakesh Gangwal has complained to market regulator Securities and Exchange Board of India that several transactions signed in the past few years did not have the audit committee’s approval.
22/07/19 Economic Times
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