IndiGo's co-founder Rakesh Gangwal said on Friday that he was in concurrence with the Board of Directors’ decision to expand the Board to address a key contentious issue raised by him in a complaint to the SEBI.
He, however, added that fences were yet to be mended between him and the other founder Rahul Bhatia. The statement comes ahead of IndiGo’s Annual General Meeting called on August 27 to seek shareholders’ consent for amendments to the Article of Association to expand the Board.
New policy
Mr. Gangwal also said that the Board had proposed a new policy for related party transactions, which was another issue raised by him for businesses conducted between IndiGo and Rahul Bhatia’s InterGlobe Enterprises.
“In light of this positive and important development, I will be supporting the proposed changes to the Articles.
While much work lies ahead, including mending some fences and the regulators completing their investigations on the governance issues raised with them, it is gratifying to see progress towards better governance,” he said in a statement posted on a website created by him.
