IndiGo co-promoter Rakesh Gangwal refutes reports of truce with Rahul Bhatia

In a strongly worded letter, IndiGo co-promoter Rakesh Gangwal has refuted reports of truce between him and Rahul Bhatia.Gangwal said that unless the IndiGo Board passes a complementary resolution which prevents the IGE group headed by Rahul Bhatia from getting more powers and a new Related Party Transaction policy is in place, he is not in a position to vote affirmatively on the special resolution for "Alteration in Articles of Association".The letter hits out at reports that the chairman brokered truce between the two promoter groups saying that he had informed the Board that he cannot support the Board resolution on changes to Articles unless there is a complementary Board resolution stating that the IGE Group won't get more powers and the the policy on RPT is laid down.Gangwal says,"The chairman should have directed the Company to flag this material fact in AGM notice in the interest of transparency and for the benefit of minority shareholders." 70546907 Here are the screenshots of the letter: 70546528 70546541 70546546 70546561

from Economic Times https://ift.tt/2MEUTFq