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IndiGo board accepts key Gangwal demand on change in policies

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New Delhi: InterGlobe Aviation Ltd board has agreed to make policy changes only when all the proposed 10 directors are present, a key demand by co-founder Rakesh Gangwal, said a person aware of the board’s decision.

The issue of expanding the board’s strength to 10 was put to vote at the annual general meeting (AGM) in New Delhi on Tuesday.

Gangwal agreed to support the proposed changes at the AGM after some of his demands, including on board expansion and related-party transactions (RPTs), were accepted last week, ending months of public wrangling.

Although the outcome of the voting wasn’t announced on Tuesday, Gangwal’s decision to back the resolutions last week means they are likely to sail through.

Gangwal had earlier objected to the board expansion as he contended that in the absence or resignation of an independent director, co-founder Rahul Bhatia’s InterGlobe Enterprises Pvt. Ltd (IGE) would have an unfair advantage in approving key policy changes since it has five directors representing it.

“The issue was regarding passage of policy changes in the event of independent director/directors leaving the company,” said the person cited earlier. “In the event of death or resignation of an independent director, the proposed board size would have come down to nine members, with five members representing Bhatia’s IGE, four independent directors and one representation from Gangwal, thus giving IGE a majority in the board.”

Gangwal, however, skipped IndiGo’s AGM on Tuesday. Also absent from the AGM was independent director Anupam Khanna, who had questioned some of chairman M. Damodaran’s decisions related to the board’s working. This led to several shareholders raising questions on the absence of Gangwal. A few shareholders requested the promoters to settle their differences.

At the AGM, chief executive officer Ronojoy Dutta said RPTs between Bhatia’s IGE and InterGlobe Aviation, which runs IndiGo, now amount to less than 1% of the company’s annual revenue. “Of the total revenue of about ₹30,000 crore, the value of RPTs is around ₹156 crore, which is less than 1% (of the yearly revenue),” Dutta said, adding that all RPTs have been approved by the audit committee of the airline.

“I have been with the company for 9-10 months and I haven’t fou

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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