SME Times is powered by   
Search News
Just in:   • CM woos global investors, aims to help Karnataka rural economy  • Adani Capital acquires Essel Finance's MSME loan business  • SMEs get relief as cut-off date for monthly GST returns extended  • FIEO calls for more benefits for MSME exporters  • L&T's Q3 consolidated net profit up 16.5% 
Last updated: 20 Jul, 2019  

indigo-logoTHMB.jpg IndiGo to seek shareholders' nod to expand Board

   Top Stories
» SMEs get relief as cut-off date for monthly GST returns extended
» FIEO calls for more benefits for MSME exporters
» Slowdown to affect insurance sector: Report
» Budget may offer production incentives for fabless chip cos
» 45% SMEs against Centre's right to seek customer, supplier data
SME Times News Bureau | 20 Jul, 2019
IndiGo, India's biggest airline by market share owned by InterGlobe Aviation Limited, said on Saturday that shareholders' approval will be sought to expand its Board.

According to a company statement: "The Board has decided to seek the approval of the shareholders at the upcoming annual general meeting for expanding the Board to enable the induction of an independent woman director."

The development came after the two-day Board meet which commenced on Friday. The meet assumed significance as the airline's co-founders are up against each other over the control of the company.

On Friday, the Board approved the company's financial results for the quarter ended June 30. It also considered the appointment of a woman director, among other matters.

"I just want to confirm that we had a board meeting today and this board meeting will continue tomorrow as well. The Board in its meeting today had a discussion on the appointment of an independent woman director to the Board of the company," the company's Chief Executive Officer (CEO) Ronojoy Dutta said in a post results conference call on Friday.

"Of course, we have to take the step to comply with the law, but in order to induct an independent woman director, we need to change the 'Articles of Association' of the company which now needs to be amended. We are working on this and a final decision on this subject will be made tomorrow," he had said.

Industry sources have said that the company has also approached former Pepsico CEO Indra Nooyi to join its board of directors.

On the financial front, IndiGo posted its highest ever quarterly net profit of Rs 1,203 crore for the first quarter of FY 2019-20.

Accordingly, the company's profit grew to Rs 1,203.1 crore from Rs 27.8 crore in the year-ago quarter.

"Strong passenger revenues along with a sharp improvement in cargo performance were key drivers to this improved profitability," Dutta said.

"We are particularly pleased with this quarter because it demonstrated our ability to grow rapidly while simultaneously expanding our margin performance," he said.

As of June 30, IndiGo had a total cash balance of Rs 17,337.1 crore comprising Rs 7,696.8 crore free cash and Rs 9,640.2 crore restricted cash.

It had a fleet of 235 aircraft as of June 30 and operated a peak of 1,437 daily flights during the quarter to 70 destinations, including 17 international cities.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 23 Jan, 2020
  Daily Poll
Ease of doing business improved in last one year
 Can't say
  Commented Stories
» MRF to set up a new plant in Gujarat(3)
» MSME: Budget expectations(1)
» China's forex reserves reach USD 2.85 trillion(1)
» 'Capital Adequacy Ratio' above regulatory norms: Yes Bank(1)
» KVIC opens first silk processing plant in Gujarat(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter