IndiGo seeks reappointment of board chairman Damodaran

IndiGo seeks reappointment of board chairman Damodaran

Agency News

IndiGo is looking to reappoint M Damodaran as chairman of the carrier’s board of directors for another five years at its annual general meeting (AGM) scheduled for next week.

The information was made by the company in a notification to stock exchanges. “We wish to inform you that at the forthcoming Annual General Meeting ("AGM") of the Company to be held on August 27, 2019, the appointment of Mr. Meleveetil Damodaran as an Independent Director of the Company to hold office for a term of five consecutive years with effect from January 23, 2019, not liable to retire by rotation, has been proposed by way of an Ordinary Resolution," the company notification said.

Former bureaucrat M Damodaran was appointed the chairman of the airline's board of directors after the death of the then chairman MD Mallya in 2018.

Incidentally, the feud between IndiGo founders Rahul Bhatia and Rakesh Gangwal was brokered by Damodaran for a while. Gangwal and his associates hold nearly 37% in InterGlobe Aviation, while Bhatia’s IGE Group holds around 38%. The tussle between the two promoters came out in the open on 8 July when Gangwal accused Bhatia of violating corporate governance norms. But, Bhatia has denied the allegations. The shareholder spat has come out at a time the company needs to focus attention on making gains in a market that has suffered the demise of another player, Jet Airways India Ltd.