The board of InterGlobe Aviation has approved a new policy on related party transactions, sources said on Wednesday, amid ongoing feud between the company’s co-promoters over governance issues.
The differences between co-promoters — Rahul Bhatia and Rakesh Gangwal — came into the open earlier this month after Gangwal wrote a letter to markets regulator Sebi flagging concerns about alleged corporate governance lapses at the company. The allegations have been refuted by Bhatia camp.
Sources said the policy on related party transactions (RPTs) was approved by the board unanimously.
The company’s board — which has six members, including Gangwal and Bhatia — met for two days on July 19 and 20.
