IndiGo co-founder Rakesh Gangwal is likely to seek procedural changes in executing related party transactions (RPT) at the budget carrier besides calling for an extraordinary general meeting (EGM) at the board meeting scheduled for July 19. Gangwal is seeking more powers for the audit committee in clearing related party transactions (RPTs), which he claims are currently in violation of corporate governance norms.
“Procedures for RPTs need to fixed urgently. Things can’t carry on like this. Also, rejecting the EGM requisition was not in accordance with law. Gangwal will raise these issues again at the board meeting,” a person close to Gangwal told FE.
Gangwal could be questioned by the IndiGo board on his allegations of corporate governance lapses by his partner Rahul Bhatia and his controlled Interglobe Enterprises.
