With loopholes plugged, Rakesh Gangwal will not attend IndiGo AGM on August 27

The expected fireworks at IndiGo’s AGM on Tuesday are not likely to happen after all, as co-promoter Rakesh Gangwal is not attending it.

This became clear from Gangwal’s statement issued last Friday, where he said he will support the proposed changes to the company’s Articles of Association.

Earlier in the day, he had said: “The board has now approved a new related party transaction policy and to also close an open issue if the Articles of Association are amended at the upcoming August 27 AGM to increase the board size to 10 directors.”

Board strength

Earlier, Gangwal had made it clear that he would vote against any resolution unless loopholes in increasing the size of the board to 10 were plugged.