NEW DELHI: In the on-going tussle between the two founders of IndiGo —Rakesh Gangwal and Rahul Bhatia — independent direct Anupam Khanna, who also happens to Gangwal’s senior from IIT has joined in.
Raising similar concerns which were raised by Gangwal earlier, Khanna in a mail to InterGlobe Aviation Ltd chairman M Damodaran on August 5 said that there is tremendous trust deficit in the board and suggested he immediately implements confidence-building measures. “I was still hopeful that you would have formulated a constructive approach addressing the concerns I had also expressed and built on the simple solutions I had suggested on July 24. Alas, that has not happened and you have addressed remaining issues with a non-solution,” Khanna wrote
He also blamed the chairman for emerging governance issue with the approach he adopted to solve issues, specifically relating to holding various meetings after the AGM. “I do not see the logic behind scheduling meetings after the AGM.Indeed I do not see any reason that the RPT resolution has not been yet circulated for approval by the audit committee and Board. If a meeting is necessary it should be held before the AMG (slated to take place on August 27).”
Khanna also said that he was stymied from taking proper and timely action on inducting a woman director. The letter comes at a time when Gangwal, who had raise issues to curtail the growing power of Bhatia’s InterGlobe Enterprises (IGE) Group in the working of the airline. Gangwal and his associates hold nearly 37 per cent in InterGlobe Aviation, while Bhatia’s IGE holds around 38 per cent.
Gangwal in a different mail said while all the issues appears to solved today, the only issue left is the large loophole after the transition period. Damodaran, however, said Gangwal’s apprehension that the IGE could push through questionable decisions after board expansion does no credit to the fiduciary responsibilities of directors.