Spottoday: The Ultimate Digital Platform for Entertainment, Lifestyle, and News by WideEyes Digital
Meet 'Spider Woman', who climbed 108-meter cliff without safety gears, she lives in...
Beyond the Headlines: The Hidden Missile Race Between Israel and Iran
Ratan Tata's TCS to set up new IT facility for 10000 employees in...
Haryana Election Result: Congress demands probe into complaints of 'discrepancies' in EVMs
IAS Tina Dabi raids Rajasthan spa centre under suspicion of...
Azim Premji to support THIS college with Rs 5000000000 grant to set up new...
Delhi CM Atishi’s belongings thrown out from official residence, claims AAP
Manoj Punamiya Marking Milestones In India’s Real Estate Future
How an SIP calculator can help you reach your financial goals faster
Tips on Festive Eye and Lip Makeup Using High-Quality Products
Ratan Tata in critical condition, under intensive care in Mumbai hospital: Report
Mukesh Ambani once spent Rs 10000000 on his car only to get it...
Major setback for New Zealand as star player set to miss start of Test series against India
This train suffered Rs 6 crore loss since its launch, has 200-250 seats vacant daily, it runs from…
'Some ants are...': Harbhajan Singh's cryptic post leaves internet confused
Mastering the Art of Digital Transformation: The Journey of Rahul Saoji
This Apple watch feature saves woman's life, know how it happened
The Innovator's Journey: Ashok Choppadandi's Quest for Technological Excellence
Vedaa OTT release date: When, where to watch John Abraham, Sharvari-starrer action thriller
Hyundai Motor India Rs 27870 crore IPO: Check price band, subscription date and other details
Bhanu Devaguptapu: Navigating the future of health tech and enterprise solutions
Nobel Prize 2024 in Chemistry goes to David Baker, Demis Hassabis, John M Jumper
Breaking the Mold: BHP is Revolutionizing the Supercar Experience
Transforming Test Automation: Narendra Kumar Ale’s Innovative Approach to Integrating AI and ML
This man resigns on first day after joining office, says, 'repeated remarks about my…'
'It’s all about making that unique difference,' says director Ryan Shah
Meet IIT graduate who has joined Ratan Tata's company, to play key role in advancing...
Bigg Boss 18: Meet most educated contestant in Salman Khan's show; was threatened, attacked, jailed
Bigg Boss 18 Grand Premiere: PETA asks Salman Khan to surrender donkey
When Bigg Boss 18's Shilpa Shirodkar made a bold statement in support of sexy dance numbers
Video of leopard trying to enter safari bus after leaping through window goes viral, watch
'October 7 will never happen again': Israel Foreign Ministry vows to 'hunt' every terrorist
Malayalam actor T P Madhavan passes away at 88
Bangladesh Skipper Shanto takes a dig at India speedster Mayank Yadav ahead of 2nd T20i
EPFO to introduce instant SMS alerts to safeguard PF deposits from fraud
RG Kar case: CBI cites blood stain, DNA report as evidence in chargesheet against accused Sanjay Roy
Nagarjuna records statement in Rs 100 crore defamation case against Konda Surekha
Indian man swims 'butt naked' for two hours in Google Maps untraced Australian waterbody
Good news for UPI users as RBI increases UPI Lite wallet limit to Rs...
Mukesh Ambani's Jio offers mega plan, 2GB data per day, unlimited calls at just Rs...
Teacher faces backlash for giving extra marks to students for THIS reason
Woman in wedding dress rides sports bike viral video divides social media
PM Modi launches all-out attack on Congress, calls it 'parasitic party that...'
Baden Bower's PR Services drive EB1A visa success through high-impact publications
Vada Pav vendor claims to earn Rs 2.8 lakh monthly, social media says time to switch careers; watch
Top 10 Indian cities for UPSC preparation
A sweet revenge: BJP orders 1 kg 'Jalebi' for Rahul Gandhi, Congress workers after mega Haryana win
Influencer PERFECTLY copies Deepika Padukone's Singham Again accent, video goes viral
'Fate like Gaza': Israeli PM Netanyahu issues dire warning to Lebanon as Hezbollah continues firing
Omar Abdullah's BIG statement after winning J-K assembly polls, says 'whoever becomes CM...'
Not Anant Ambani but Mark Zuckerberg attended this wedding in India for the first time
'Kha gaye na dhokha'? This metro-themed Durga Puja Pandal is talk of the town! WATCH viral video
Meet man, who quit studies after school, learnt coding, established company worth Rs...
Bigg Boss 18 contestants Vivian Dsena, Chahat Pandey get into UGLY fight, watch video
Shares of this Mukesh Ambani company surged by 12000% in 60 months, market cap rose to...
RG Kar rape-murder case: Doctor’s association to hold nationwide hunger strike today
IND vs BAN, 2nd T20I Dream11 prediction: Fantasy cricket tips for India vs Bangladesh
DNA TV Show: Why Congress lost in Haryana Assembly elections
Bhool Bhulaiyaa 3 to not clash with Singham Again? Kartik Aaryan film might get postponed, says...
BUSINESS
Rakesh Gangwal and his related entities own around 37 per cent stake in this company.
IndiGo's co-promoter Rakesh Gangwal on Friday resigned from the board of directors of parent company InterGlobe Aviation, stating that he will gradually reduce his equity stake in the airline over the next five years.
Gangwal and his related entities own around 37 per cent stake in this company. Rahul Bhatia and his related entities own around 38 per cent in InterGlobe Aviation.
"I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings," Gangwal said in his letter to the board members.
"Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five plus years," he added.
At an extraordinary general meeting held on December 30, IndiGo shareholders had approved a special resolution to remove a clause from the company's Articles of Association (AoA) which gave its two promoters the power of right of first refusal when one of them wanted to sell his shares.
The passage of the special resolution paved the way for resolution of a dispute that has been going on between Gangwal and Bhatia since 2019.
In his letter on Friday, Gangwal said he continues to be a big believer in the long-term prospects of IndiGo and more so now with the industry consolidation underway.
"Under this backdrop and in the long-term, Indian aviation should prosper, as in various other parts of the world," he noted.
While new investors should benefit from the potential future growth in the company's share price, a gradual reduction of his stake will also allow him to benefit from some of the upside, he mentioned.
"Like any plan, future events may impact my current thinking," he noted.
However, he said he is concerned about the optics of reducing his equity stake even though such transactions can only be undertaken when he does not have any unpublished price sensitive information (UPS).
"As you are aware, on an ongoing basis, the company provides us information and some of this is UPS. Being a co-founder, co-promoter and director, this issue takes on great significance," he added.
Gangwal said after considerable thought, he sees only one clear path to address this issue.
"Regrettably, and effective immediately, I am stepping off the Board. Accordingly, I ask that no company information be shared with me that is UPS and, having stepped down as a director, there should be no reason to share such information," he said.
"Sometime in the future, I shall consider participating again as a board member," he added.
The feud between the two promoters -- Bhatia and Gangwal -- came into public domain after Gangwal had written to market regulator Sebi in July 2019 and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.
In 2019, both the promoters had moved the London Court of International Arbitration to resolve their disputes.
The court had passed its order on September 23 last year, following which the aforementioned extraordinary general meeting was called to amend the company's AoA.