IndiGo Co-Founder Rakesh Gangwal Resigns From Board, To Cut Down Stake
NDTV
Gangwal and his family owns 36.61% stake in the parent company, while another co-founder and managing director Rahul Bhatia and his family owns about 37.8%, giving them both a major say in the carrier's strategy.
IndiGo co-founder Rakesh Gangwal has resigned from the board and is planning to cut his stake in the airline over the next five years, its parent InterGlobe Aviation said in an exchange filing on Friday.
Gangwal and his family owns 36.61% stake in the parent company, while another co-founder and managing director Rahul Bhatia and his family owns about 37.8%, giving them both a major say in the carrier's strategy.
The two had engaged in a spat in early 2020 when Gangwal sought to modify certain rules in the company's articles of association.
A non-executive director, Gangwal had alleged violations in corporate governance rules at the parent group and wanted to remove an article that prevented co-founders from buying publicly-listed shares in InterGlobe and potentially trigger an open offer for the rest of the company.
