IndiGo co-founder Rakesh Gangwal resigns from board, to reduce stake
India Today
Gangwal, a non-executive, non-independent director intends to slowly cut his stake in the company over the next five years, the filing said.
IndiGo co-founder Rakesh Gangwal, has resigned from the board, its parent company Interglobe Aviation said in an exchange filing on Friday.
After 15 years of association, Rakesh Gangwal, stepped down from IndiGo board as non-executive director of the company.
Gangwal, a non-executive, non-independent director intends to slowly cut his stake in the company over the next five years, the BSE filing said.
"Regrettably, and effective immediately, I am stepping off the Board. Accordingly, I ask that no company information be shared with me that is UPSI and, having stepped down as a director, there should be no reason to share such information. Sometime in the future, I shall consider participating again as board member," Raksesh Gangwal said, according to the BSE filing.
"I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings," Gangwal said.
"Accordingly, my current intention is to slowly reduce my equity stake in the company over the next 5 plus years," he said.
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