[ad_1]
InterGlobe Aviation’s non-executive, non-independent director Rakesh Gangwal on Friday has tendered his resignation from the company’s board with immediate effect.
He will gradually reduce his stake in Interglobe over the next five-plus years, Gangwal said in his resignation letter while adding that a gradual reduction of his stake will also allow him to benefit from some of the upside.
“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. 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.
“However, 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about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information (UPSI).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,” said Gangwal.
On February 4, InterGlobe Aviation — parent of the country’s largest airline IndiGo — announced the appointment of co-founder Rahul Bhatia as the Managing Director with immediate effect.
“Bhatia shall not draw any remuneration from the company during his tenure as the Managing Director,” the company had said.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
