InterGlobe Aviation Ltd’s Independent Director Anupam Khanna has probed Chairman M. Damodaran’s style of functioning and stressed the importance of keeping shareholders and regulators informed of any uncertainty related to the ongoing feud between the founders of the airline.
Khanna who wrote the letter to Damodaran, asked the IndiGo chairman to defer policy decisions till the airline’s board has a full complement of four independent directors to safeguard the interest of minority shareholders.
According to reports, the letter also indicates the rift between Board Members and the Founders of India’s largest airline is anything but resolved.
Rakesh Gangwal, one of the airline’s two co-founders, has accused his partner Rahul Bhatia of violating corporate governance norms and has sought more independent directors on the board. Bhatia has denied the allegations.
Khanna has also questioned Damodaran’s decision to set meetings between directors and promoters after the upcoming annual general meeting (AGM) on 27 August and not before it.
He was quoted saying, “I do not see any reason that the RPT (related-party transaction) resolution has not been circulated for approval by the audit committee and board. If a meeting is necessary, it should be held before the AGM.”