IndiGo seeks reappointment of board chairman Damodaran for five years at AGM
- Damodaran, now 72, will be 75 years old during his tenure as an independent director
- Former bureaucrat was appointed as the chairman of the airline's board of directors in 2018
New Delhi: InterGlobe Aviation Ltd, operator of India’s largest airline IndiGo, will seek reappointment of M Damodaran as chairman of the carrier’s board of directors for another five years at its annual general meeting (AGM) scheduled for next week, the company said in a notification to stock exchanges.
“We wish to inform you that at the forthcoming Annual General Meeting ("AGM") of the Company to be held on August 27, 2019, the appointment of Mr. Meleveetil Damodaran as an Independent Director of the Company to hold office for a term of five consecutive years with effect from January 23, 2019, not liable to retire by rotation, has been proposed by way of an Ordinary Resolution," the company said in the notification on Friday evening.
Former bureaucrat M Damodaran was appointed the chairman of the airline's board of directors after the death of the then chairman MD Mallya in 2018.
Damodaran, now 72, will be 75 years old during his tenure as an independent director.
"The Company has clarified In the Explanatory Statement annexed to the Notice dated July 25, 2019 of the AGM that the Company may seek the approval of the members by a Special Resolution for continuing the directorship of Mr. Meleveetil Damodaran once he attains the age of 75 years," the company said in the notification.
Incidentally, Damodaran has over the few months found himself in the middle of a tussle between IndiGo founders Rahul Bhatia and Rakesh Gangwal.
Gangwal and his associates hold nearly 37% in InterGlobe Aviation, while Bhatia’s IGE Group holds around 38%.
The tussle between the two promoters came out in the open on 8 July when Gangwal accused Bhatia of violating corporate governance norms, among other things. Bhatia has denied the allegations.
In a letter addressed to Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi, Gangwal alleged several transgressions at IndiGo, including those pertaining to related-party transactions, appointment of senior management personnel, directors and the chairman, who has always been an independent director by convention.
Gangwal has also questioned chairman Damodaran for not adopting the agreed upon related-party transactions (RPTs) policy, and calling board and committee meetings after the company’s annual general meeting (AGM) slated for 27 August.
However, Gangwal on Friday said the board of directors of IndiGo, has approved a new policy on related-party transaction (RPT) and that he will vote proposed changes in the articles of the company at the upcoming annual general meeting.
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Business NewsCompaniesNewsIndiGo seeks reappointment of board chairman Damodaran for five years at AGM
First Published:24 Aug 2019, 02:07 PM IST
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