IndiGo co-founder Rakesh Gangwal had earlier this month said that he won't sign on the changes unless the loophole was removed.
The two IndiGo founders - Rahul Bhatia and Rakesh Gangwal - have finally called a truce.
In a statement on his website, GovernanceIndia, Gangwal, on the night of August 23, said the company's Board has approved a new related party transaction policy, and has also closed the 'loophole' in the Articles of Association.
This was important for these changes to approved in the upcoming AGM on August 27.
Gangwal had earlier this month said that he won't sign on the changes unless the loophole was removed.
"In light of this positive and important development, I will be supporting the proposed changes to the Articles," Gangwal said."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," added the co-founder.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.