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IndiGo to expand Board to 10 members
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SME Times News Bureau | 22 Jul, 2019
InterGlobe Aviation, the parent company of IndiGo, has decided to expand
its Board of Directors up to 10 members and the expanded board will
have four independent directors.
The decision comes on the
backdrop of the recent feud between co-promoters Rakesh Gangwal and
Rahul Bhatia, over issues of corporate governance.
"The Board of
Directors of the company, at its meeting held on July 20, 2019, have
decided to amend the Articles of Association of the Company for
expanding the board up to a maximum of 10, including 4 independent
directors. The said amendment of the articles will be subject to
approval of the shareholders at the forthcoming annual general meeting
of the company," IndiGo said in a regulatory filing late on Sunday
evening.
Currently, its board has six members, including the
Chairman M. Damodaran, the former Sebi chief. On July 19, the company
said its board has decided to seek shareholders' approval for expanding
the board to enable the induction of an independent woman.
The
other members on the board of InterGlobe Aviation, apart from Bhatia and
Gangwal are former World Bank executive Anupam Khanna, Anil Parashar, a
chartered accountant and Rohini Bhatia, the wife of Rahul Bhatia.
After
the recent allegations of "collapsing" corporate governance in the
company by Rakesh Gangwal, the Ministry of Corporate Affairs has sought
"information or explanation" from the airline. Market regulator Sebi is
also looking in the alleged governance lapses.
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