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.
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