People
February 21st 2022
Rakesh Gangwal has resigned as a non-executive, non-independent director of IndiGo's parent company, InterGlobe Aviation, effective immediately. Read More » Gangwal told his fellow directors the decision was due to his wish to gradually sell down his holding in the group. "My current intention is to slowly reduce my equity in the company over the next five plus years," Gangwal said in the letter dated February 18, which InterGlobe released in regulatory filing to India's BSE stock exchange. Gangwal said he was "concerned about the optics" of reducing his holding even though the transactions will only be undertaken when he did not have any unpublished price sensitive information that he was presented with as a director. "After considerable thought, I see only one clear path to address this issue. Regrettably, and effectively immediately, I am stepping off the board." Gangwal closed his letter by stating he would consider re-joining the board in the future. InterGlobe's shareholding information showed Gangwal and his family entities controlled 36.61% of the company at December 31, 2021.
