New Delhi: The estranged co-founders of IndiGo — Rakesh Gangwal and Rahul Bhatia — are believed to be working to put together a compromise formula to resolve the thorny issues, including serious corporate governance lapse in the company and related-party transactions. Gangwal and Bhatia are expected to agree on common terms that every related party payment in InterGlobe Aviation Limited, the parent of IndiGo, would be examined by independent directors, signalling a truce between the two squabbling co-founders of the budget carrier.
“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.
Home> Business > Companies
IndiGo promoters Rakesh Gangwal, Rahul Bhatia may make peace soonCompanies
Updated Jul 23, 2019 | 14:03 IST | ET Now Digital
The fight between promoters of IndiGo — Rakesh Gangwal and Rahul Bhatia — took an ugly turn after Gangwal’s request for an extraordinary general meeting to discuss the vexed issues was turned down by the board
Indigo co-founders Rakesh Gangwal and Rahul Bhatia File photo | Photo Credit: BCCL KEY HIGHLIGHTSEarlier this month, US-based IndiGo co-promoter sent a letter to market regulator Sebi, highlighting serious corporate governance lapses at the budget carrierRakesh Gangwal and Rahul Bhatia are said to be separately meeting capital market regulator Sebi chairman Ajay TyagiRakesh Gangwal clarified last week that he is not going to sell his stakes, saying he is here for the long haul and has no desire to sell his stake or raise it
New Delhi: The estranged co-founders of IndiGo — Rakesh Gangwal and Rahul Bhatia — are believed to be working to put together a compromise formula to resolve the thorny issues, including serious corporate governance lapse in the company and related-party transactions. Gangwal and Bhatia are expected to agree on common terms that every related party payment in InterGlobe Aviation Limited, the parent of IndiGo, would be examined by independent directors, signalling a truce between the two squabbling co-founders of the budget carrier.
“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.
A financial daily quoted an unnamed person familiar with the matter as saying that there has been no settlement reached yet. Both parties are, however, working towards reaching an agreement before Gangwal leaves for the US on Tuesday. Plus, both the co-founders of the airline are said to be separately meeting capital market regulator Sebi chairman Ajay Tyagi.
23/07/19 ETNowNews.com
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“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.
Home> Business > Companies
IndiGo promoters Rakesh Gangwal, Rahul Bhatia may make peace soonCompanies
Updated Jul 23, 2019 | 14:03 IST | ET Now Digital
The fight between promoters of IndiGo — Rakesh Gangwal and Rahul Bhatia — took an ugly turn after Gangwal’s request for an extraordinary general meeting to discuss the vexed issues was turned down by the board
Indigo co-founders Rakesh Gangwal and Rahul Bhatia File photo | Photo Credit: BCCL KEY HIGHLIGHTSEarlier this month, US-based IndiGo co-promoter sent a letter to market regulator Sebi, highlighting serious corporate governance lapses at the budget carrierRakesh Gangwal and Rahul Bhatia are said to be separately meeting capital market regulator Sebi chairman Ajay TyagiRakesh Gangwal clarified last week that he is not going to sell his stakes, saying he is here for the long haul and has no desire to sell his stake or raise it
New Delhi: The estranged co-founders of IndiGo — Rakesh Gangwal and Rahul Bhatia — are believed to be working to put together a compromise formula to resolve the thorny issues, including serious corporate governance lapse in the company and related-party transactions. Gangwal and Bhatia are expected to agree on common terms that every related party payment in InterGlobe Aviation Limited, the parent of IndiGo, would be examined by independent directors, signalling a truce between the two squabbling co-founders of the budget carrier.
“The board of directors, at its meeting held on July 20, 2019, have decided to amend the Articles of Association of the company for expanding the board up to a maximum of 10, including 4 independent directors. The amendment will be subject to the approval of the shareholders at the upcoming annual general meeting,” the company said in a BSE filing on Monday. Currently, Gangwal holds around 37 per cent while the Bhatia group has about 38 per cent shareholding in the airline firm.
A financial daily quoted an unnamed person familiar with the matter as saying that there has been no settlement reached yet. Both parties are, however, working towards reaching an agreement before Gangwal leaves for the US on Tuesday. Plus, both the co-founders of the airline are said to be separately meeting capital market regulator Sebi chairman Ajay Tyagi.
23/07/19 ETNowNews.com
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