Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

IndiGo Board has Approved New Policy on Related-party Transactions, Says Rakesh Gangwal

Gangwal and his affiliates hold around 37 per cent stake in InterGlobe Aviation, while Bhatia's group owns nearly 38 per cent shareholding.


Updated:August 23, 2019, 11:30 PM IST
The logo of IndiGo Airlines is pictured on passenger aircraft on the tarmac in Colomiers near Toulouse, France, July 10, 2018. REUTERS/Regis Duvignau/Files
Image for representation. (Reuters)

New Delhi: InterGlobe Aviation promoter Rakesh Gangwal on Friday said the company's board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues.  The company is the parent of the country's largest airline IndiGo.

"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," Gangwal said in a statement.

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company's upcoming annual general meeting (AGM) to increase the board size to 10 directors.

"In light of this positive and important development, I will be supporting the proposed changes to the Articles," he said.

The AGM is scheduled to be held on August 27. Currently, InterGlobe Aviation has six board members.

The feud between Gangwal and Bhatia came into the public after the former, in July, wrote to markets regulator Sebi seeking its intervention to address alleged corporate governance lapses at the company. The allegations have been rejected by the Bhatia group.

Gangwal and his affiliates hold around 37 per cent stake in InterGlobe Aviation, while Bhatia's group owns nearly 38 per cent shareholding.

In a filing to the stock exchanges on Friday, InterGlobe Aviation said appointment of M Damodaran as an independent director for a five-year term starting from January 23, 2019, has been proposed by way of an ordinary resolution for the annual general meeting.

Damodaran, who is currently the firm's chairman, would attain the age of 75 years during his tenure as an independent director, the filing said.

"... as a matter of abundant clarification of the legal position, the board has approved a resolution through circulation today i.e. August 23, 2019, that for continuance of directorship of Meleveetil Damodaran as an independent director of the company, beyond the age of 75 years, the company shall at an appropriate time before Damodaran attains the age of 75 years, seek the approval of shareholders by way of a special resolution," it added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

Most Active
Company Price Change %Gain
Reliance 1,210.75 -1.21
BPCL 380.00 -6.99
Maruti Suzuki 6,412.75 -0.58
Yes Bank 67.05 -2.19
HDFC 2,046.75 -1.78
Company Price Change %Gain
Kotak Mahindra 1,470.60 -0.87
HDFC Bank 2,243.15 -0.58
Biocon 230.90 -0.71
HDFC 2,046.30 -1.89
Graphite India 371.95 19.33

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results