New Delhi/Mumbai: Adopting a resolution on the corporate governance issues arisen between the co-promoters of budget carrier IndiGo will convey a false impression, IndiGo Co-founder and Director Rakesh Gangwal said on Tuesday.
In a letter addressed to the airline Board, Gangwal said that he will not vote for a special resolution for “Alteration in Articles of Association of the Company” unless the Rahul Bhatia-controlled InterGlobe Enterprises (IGE) is prevented from getting more powers.
Gangwal said: “I recognize the timing constraints and the need to call an AGM. However, many emails were exchanged after our Board meeting of July 20, 2019, and based on serious unresolved issues, I again reiterate that I am no longer in a position to vote affirmatively on the special resolution for ‘Alteration in Articles of Association of the Company’...
“...unless, as discussed in numerous emails, a complementary Board resolution is passed to prevent IGE Group from getting even more rights and abilities than they have today and the new RPT (related party transactions) policy is adopted, language for which has already been agreed.” Gangwal also said that the AGM notice, along with the “unnamed sources”-planted “press reports that the Chairman has brokered peace and matters have been resolved, leaves a misleading and false impression that issues on RPTs and changes to the Articles have the support of both promoter groups”.(IANS)