IndiGo Co-Founder Rakesh Gangwal Quits From InterGlobe Aviation Ltd Board
IndiGo Co-Founder Rakesh Gangwal has resigned from the board and plans to reduce his stake in the IndiGo Airline over the next five years.
InterGlobe Aviation Ltd (INGL.NS) said in an exchange filing on Friday.
Rakesh Gangwal hold a 35 percent stake in the parent company, while another Co-Founder and Managing Director Rahul Bhatia, and his family hold around 38 percent, giving the two a prominent place in career strategy.
The two had a spat in early 2020 when Rakesh sought to modify certain rules in the company's Association of Associations.
A Non-Executive Director, Rakesh Gangwal alleged violations of 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 the rest of the company. Used to trigger an open offer for parts.
In December last year, the parent company's shareholders approved changes to the articles of association, including eliminating rules that prohibited the sale or transfer of shares to a third party.
He had been a long-term shareholder in the company for more than 20 years and it is only natural to think of diversifying his holdings someday,"
Rakesh Gangwal said in a letter to the board of InterGlobe Aviation Ltd.
Rakesh said he was stepping down immediately because he did not want to have access to unpublished price-sensitive information while he began to reduce his stake in the InterGlobe Aviation Ltd Company.
An American and Aviation industry veteran, Rakesh has spent many years in senior roles at United Airlines Inc and US Airways, while Rahul Bhatia works on the ground in India.
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