Udayavni Special

IndiGo to seek shareholders’ nod for board expansion


PTI, Jul 21, 2019, 10:25 AM IST

New Delhi: No-frills carrier IndiGo said Saturday it will seek shareholders’ approval at the upcoming annual general meeting for expanding its board so that an independent woman director can be inducted.

In a letter to markets regulator Sebi on July 8, Rakesh Gangwal, one of the two IndiGo promoters, had pointed out the airline’s non-compliance with Sebi regulations in not bringing onboard an independent woman director since May last year.

As per Sebi regulations, all listed companies should have at least one woman director on their respective boards.

“The Board has decided to seek the approval of the shareholders at the upcoming AGM for expanding the Board to enable the induction of an independent woman director,” IndiGo said in a statement after a two-day board meeting that ended on Saturday.

The board’s size will be expanded to 12 directors from the current six once the shareholders’ approval is obtained at the upcoming AGM.

In the expanded board, IndiGo’s other co-promoter Rahul Bhatia will have the right to nominate six directors while Gangwal will have the right to nominate two directors. Remaining four directors will be independent.

The two-day board meeting came against the backdrop of an ongoing spat between the two promoters over alleged corporate governance lapses.

Fuelled by higher passenger revenues, the airline’s parent company InterGlobe Aviation Friday posted its highest-ever quarterly profit of Rs 1,203.14 crore for the three months ended June and asserted that co-promoters are on the same page on growth strategy.

The company told BSE on Saturday that as on June 30 this year, Bhatia’s family and his company Interglobe Enterprises Limited owns 38.23 per cent of InterGlobe Aviation.

Gangwal and his family own 36.65 per cent of the InterGlobe Aviation as on June 30, IndiGo told BSE Saturday.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Mangaluru: Youth JD(S) activists gherao CP Yogeshwar, minister escapes from rear door

Congress collapsing across India due to dynasty politics, says Amit Shah

COVID-19 : Ker dismisses reports on excluding private hospitals from 2nd phase vaccination

Sreedharan’s entry a ‘gimmick’; BJP will remain marginal player in Kerala: Cong’s Tariq Anwar

Former Bengal CM Buddhadeb Bhattacharya not to attend Brigade rally due to ill health

Jaguar Cars: A brief history of how it went on to become an Indian brand

PM calls for 100-day campaign to clean up water bodies, harvest rain water



Related Articles More

IKEA to increase sourcing of toys from India

India’s coal import drops 12 % to 181 MT in Apr-Jan

Maruti Suzuki achieves 2 million vehicle export milestone from India

Govt finalises products under scheme to increase farmer income, exports

US owes India USD 216 billion as American debt soars to USD 29 trillion: lawmaker

MUST WATCH

Chikmagalur: Locals apprehend dacoits after cinematic chase

I request BJP senior leaders not to trust HD Kumaraswamy and BJP must not form an alliance with the JDS: C P Yogeshwar

Problem! in Cowin App

Listen to the story by Dr. Gururaj Karjagi on the concept of ‘Joy of Giving’- Part-3

This full-time construction worker makes caps from areca leaves in his spare time

Latest Additions

‘Make in India” lion statue, new attraction in Bengaluru

Explosion at quarry site in Chikkaballapur: NGT directs committee to submit report

Bellary: Lawyer hacked to death in Hospet court

Modi lauds MP woman for reviving dried lake near her village

Pakistan may resume import of cotton from India: Report

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.