InterGlobe Aviation's non-executive, non-independent director and co-founder Rakesh Gangwal on Friday, 18 February, tendered his resignation from the company's board with immediate effect.
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InterGlobe Aviation's non-executive, non-independent director and co-founder Rakesh Gangwal on Friday, 18 February, tendered his resignation from the company's board with immediate effect.
Earlier this month, the airline major appointed Bhatia as the managing director to focus on expanding the airline's presence in India and international markets and sought shareholders' approval.
On Friday, Gangwal, in a resignation letter, said he plans to gradually reduce his stake in the company over the next five-plus years which will allow him to benefit from some of the upside.
"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about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information (UPSI).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," the letter read further.
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