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This article is more than 2 year old.

IndiGo chairman Damodaran says new RPT policy, concerns on board size to be addressed post AGM

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IndiGo will clear the new policy for related-party transactions and appoint an independent woman director post the annual general meeting, board chairman M Damodaran has told co-founder Rakesh Gangwal in an e-mail exchange. 

IndiGo chairman Damodaran says new RPT policy, concerns on board size to be addressed post AGM
IndiGo will clear the new policy for related-party transactions and appoint an independent woman director post the annual general meeting, board chairman M Damodaran has told co-founder Rakesh Gangwal in an e-mail exchange.
According to Damodaran, post the amendment to the articles of association, the first vacancy to be filled will be that of an independent woman director, which has been one of the demands made by Gangwal. After this, a wholetime or executive director will be appointed, followed by another independent director and then a nominee from Rahul Bhatia-owned InterGlobe Enterprises will be appointed.
In a situation when the post of independent director falls vacant, the nomination and remuneration committee led by non-executive independent director Dr Anupam Khanna will take steps to fill the vacancy, Damodaran added.
The former chairman of Securities and Exchange Board of India (Sebi) has also initiated a proposal for scheduling meetings of the audit committee, nomination and remuneration committee and the board, immediately after the annual general meeting on August 27.
While the new RPT policy will be cleared at the meeting of the audit committee, the matter regarding selection of independent woman director will be addressed at the meeting of nomination and remuneration committee.
Gangwal, the second largest shareholder at IndiGo, had told the directors of the airline that there are still disagreements between the promoters as the new RPT policy has not been implemented and an independent woman director has not been appointed.
He had also quoted emails from Dr Khanna which said that the board is yet to get the resolution for these two contentious issues of RPT and board size for approvals or decisions.
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