Tuesday, September 03, 2019

'Take deep Yoga breaths': IndiGo CEO candidly tells employees promoters' tussle is over

IndiGo's co-promoters Rakesh Gangwal and Rahul Bhatia, who had engaged in a long and bitter tussle fight over multiple issues, have finally reached a truce. While the company's 16th AGM last Tuesday signalled the end of differences, IndiGo CEO Ronojoy Dutta confirmed the news to anxious employees on email on Monday.

"We had a good annual general meeting on August 27, followed by a very constructive board meeting on August 30," The Times of India quoted Dutta's email. "I am glad that the disagreements have been resolved and we can all discard the shallow breathing borne out of anxiety and take deep Yoga breaths as we restore our tranquility," it added. The co-promoters had been sparring over questionable related party transactions and composition of the company's board, which Gangwal had flagged off as serious corporate governance lapses in India's largest airline.

Both issues have now been satisfactorily sorted out. "We have made some procedural changes to our existing RPT policy and the revised policy has been unanimously approved by the board. Also, the board will be expanded to 10 members and four of the directors will be independent," the email stated. Dutta added that while these promoter differences "never really affected the operations of the company", it is "nice when different branches of the family make peace with each other".
03/09/19 Business Today
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