IndiGo board has approved new policy on related-party transactions, says Rakesh Gangwal

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company's upcoming annual general meeting (AGM) to increase the board size to 10 directors

InterGlobe Aviation promoter Rakesh Gangwal on Friday said the company’s board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues. The company is the parent of the country’s largest airline IndiGo. “While much work lies ahead, including mending some fences and the regulators completing their investigations on the governance issues raised with them, it is gratifying to see progress towards better governance,” Gangwal said in a statement.

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company’s upcoming annual general meeting (AGM) to increase the board size to 10 directors. “In light of this positive and important development, I will be supporting the proposed changes to the Articles,” he said.

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