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IndiGo's co-founder Rakesh Gangwal resigns from board
Gangwal and his related entities own around 37% stake in the company
In his letter to the board members of IndiGo, Gangwal said that he was open to the idea of returning to the company as a board member sometime in the future
IndiGo co-founder Rakesh Gangwal has announced that he has resigned, with immediate effect, from his position as a director in the company, where he has been a shareholder for more than 15 years.
Gangwal also revealed that he will “slowly” reduce his stake in the company over the next five years.
“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," he said in his resignation letter to the board members. "Accordingly, my current intention is to slowly reduce my equity stake in the company over the next 5 plus years.”
“While new investors should benefit from the potential future growth in the company’s share price, a gradual reduction of my stake should also allow me to benefit from some of the upside. Like any plan, future events may impact my current thinking,” the letter said.
On February 4, InterGlobe Aviation, which owns IndiGo, announced the appointment of co-founder Rahul Bhatia as managing director with immediate effect. Bhatia and Gangwal, two of the founders of the airline who hold the majority stake in the company, have often been seen to be at odds over matters regarding corporate governance.
In his letter, Gangwal also noted that he had various concerns regarding his stake in the company.
"I am concerned about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information (UPSI). As you are aware, on an ongoing basis, the company provides us information and some of this is UPSI. Being a co-founder, co-promoter and director, this issue takes on great significance," he said.
"Accordingly, I ask that no company information be shared with me, that is UPSI,” he added. "Sometimes in the future, I shall consider participating again as a board member."
rohma@khaleejtimes.com
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