{"id":17881,"date":"2022-02-19T09:00:09","date_gmt":"2022-02-19T03:30:09","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=17881"},"modified":"2022-02-19T09:00:11","modified_gmt":"2022-02-19T03:30:11","slug":"indigo-co-founder-rakesh-gangwal-quits-from-board-to-cut-down-stake","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2022\/02\/19\/indigo-co-founder-rakesh-gangwal-quits-from-board-to-cut-down-stake\/","title":{"rendered":"IndiGo Co-Founder Rakesh Gangwal quits From Board, To Cut Down Stake"},"content":{"rendered":"\n

IndiGo<\/a> co-founder Rakesh Gangwal has resigned<\/strong> from the board and is planning to cut his stake in the airline over the next five years, its parent InterGlobe Aviation<\/strong> said in an exchange filing on Friday.<\/p>\n\n\n\n

Gangwal and his family owns 36.61% stake in the parent company, while another co-founder and managing director Rahul Bhatia<\/strong> and his family owns about 37.8<\/strong>%, giving them both a major say in the carrier's strategy. <\/pre>\n\n\n\n
\"IndiGo<\/figure>\n\n\n\n
The two had engaged in a spat in early 2020 when Gangwal sought to modify certain rules in the company’s articles of association.  <\/p>\n\n\n\n
  • A non-executive director, Gangwal had alleged violations in corporate governance rules at the parent group and wanted to remove an article that prevented co-founders from buying publicly-listed shares in InterGlobe and potentially trigger an open offer for the rest of the company.<\/li>
  • In December last year, the shareholders of the parent company approved changes to articles of association, 
    • including scrapping rules that restricted sale or transfer of shares to a third party.<\/li><\/ul><\/li><\/ul>\n\n\n\n
      “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 holding ” <\/p>Gangwal said in a letter to the board of InterGlobe Aviation. <\/cite><\/blockquote>\n\n\n\n
      \"\"<\/figure>\n\n\n\n
      Indigo – Gangwal said he was stepping down immediately as he did not want to hold access to unpublished price sensitive information<\/strong> while he began trimming his stake in the company. <\/p>\n\n\n\n
      An American and aviation industry veteran, Gangwal has spent several years in senior roles at United Airlines and U.S. Airways, while Bhatia runs things on the ground in India.<\/em> <\/p>\n\n\n\n
      Stay Updated with us!<\/p>\n","protected":false},"excerpt":{"rendered":"
      IndiGo co-founder Rakesh Gangwal has resigned from the board and is planning to cut his stake in the airline over the next five years<\/p>\n","protected":false},"author":2,"featured_media":17884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6761],"tags":[234,2561,5361,4639,5360],"class_list":{"0":"post-17881","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-indigo","9":"tag-interglobe-aviation","10":"tag-quits-board","11":"tag-rakesh-gangwal","12":"tag-resigns"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=17881"}],"version-history":[{"count":1,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17881\/revisions"}],"predecessor-version":[{"id":17885,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17881\/revisions\/17885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/17884"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=17881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=17881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=17881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}