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Last Updated : Aug 23, 2019 10:07 PM IST | Source: Moneycontrol.com

IndiGo founders call a truce

IndiGo co-founder Rakesh Gangwal had earlier this month said that he won't sign on the changes unless the loophole was removed.

Prince Mathews Thomas @prince0879

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.

Also read: The 'Taylor story': How differences between IndiGo's Rahul Bhatia & Rakesh Gangwal boiled over a CEO appointment

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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.

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First Published on Aug 23, 2019 10:07 pm
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