New Delhi: InterGlobe Aviation, the parent company of IndiGo, has decided to expand its Board of Directors up to 10 members including 4 independent directors, the company said in a BSE filing.
"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 BSE filing.
Currently Indigo board comprises six members – Chairman M. Damodaran, Rahul Bhatia, Rakesh Gangwal, Anupam Khanna, Anil Parashar, and Rohini Bhatia who is an independent woman board member.
On Friday IndiGo, posted a net profit of Rs 1,203.1 crore in its first quarter ended June 30 from Rs 27.8 crore in the year-ago quarter.on
The company 's founders have recently been involved in an escalating dispute. On July 8 co-promoter of Indigo Rakesh Gangwal had written a letter to SEBI Chief Ajay Tyagi, Board Member G Mahalingam, ED and CGM of the SEBI’s investigation department, the copy of the letter was marked to Injeti Srinivas also who is Corporate Affairs Secretary, alleging violation of corporate governance rules at the airline. Gangwal had also sought regulatory intervention from market regulator Sebi.
Gangwal, along with his affiliates, hold 37 percent stake in IndiGo while the other co-promoter Rahul Bhatia has 38 percent equity stake.