InterGlobe Aviation, parent of the country’s largest airline IndiGo, will hold its annual general meeting on August 27, according to a regulatory filing. The annual shareholders’ meet also comes at a time when IndiGo promoters — Rakesh Gangwal and Rahul Bhatia — are locked in a bitter battle over alleged corporate governance lapses.
“The 16th Annual General Meeting (AGM) of the members of the company is scheduled to be held at 10.00 am on August 27, 2019,” the company said in a filing to the stock exchanges on Friday.
The company, which got listed in 2015, has come under a regulatory lens following a complaint by Gangwal about alleged corporate governance lapses. Gangwal and his affiliates have around 37 per cent stake in the company. On July 19, InterGlobe Aviation posted its highest-ever quarterly profit of Rs 1,203.14 crore for the three months ended June 30.
It had a profit after tax of Rs 27.79 crore in the year-ago period. Total income climbed to Rs 9,786.94 crore for the June quarter from Rs 8,259.69 crore in the same period a year ago.
Among other issues, Gangwal had raised concerns that various related party transactions involving Bhatia’s InterGlobe Enterprises Group were executed without seeking the audit committee’s approval and without seeking competitive bids from third parties. The allegations have been refuted by Bhatia’s group, which owns nearly 38 per cent stake in the company.
Read EquityPandit’s Nifty Outlook for the Week