New Delhi: IndiGo co-founder Rakesh Gangwal’s request to bring rules to prevent partner Rahul Bhatia from getting even more powers than he already has, and put in place a new policy on related-party transactions, has got it support from an independent director of the airline.
Anupam Khanna, in a letter to airline chairman M Damodaran, has supported Gangwal’s move and termed it a safeguard.
“More specifically, the issue that remained to be resolved concerns the risk of questionable decisions and has nothing to do with the competence or integrity of the Independent Directors. The safeguard is precisely for situation when the full complement of IDs is not in place and IGE group with its numbers can ride roughside over the opposition of all other directors,” Khanna said in an email to Damodaran that was released by Gangwal today.
“Needless to say, a tremendous trust deficit has built up that we as a board must wring out, but that will take time and we need confidence-building measures today,” Khanna adds.
07/08/19 Economic Times
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Anupam Khanna, in a letter to airline chairman M Damodaran, has supported Gangwal’s move and termed it a safeguard.
“More specifically, the issue that remained to be resolved concerns the risk of questionable decisions and has nothing to do with the competence or integrity of the Independent Directors. The safeguard is precisely for situation when the full complement of IDs is not in place and IGE group with its numbers can ride roughside over the opposition of all other directors,” Khanna said in an email to Damodaran that was released by Gangwal today.
“Needless to say, a tremendous trust deficit has built up that we as a board must wring out, but that will take time and we need confidence-building measures today,” Khanna adds.
07/08/19 Economic Times
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