IndiGo to seek shareholders' nod for Bhatia's appointment as MD

AgenciesUpdated: Thursday, February 17, 2022, 09:04 AM IST
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On February 4, InterGlobe Aviation -- parent of the country's largest airline IndiGo -- announced the appointment of Bhatia as the Managing Director with immediate effect. | Photo: Pixabay

InterGlobe Aviation will seek shareholders' approval for appointment of co-founder Rahul Bhatia as the Managing Director as well as for availing advisory services from Non-Executive Director Gregg Albert Saretsky.

The remote e-voting process for the shareholders will be open from February 17 till March 18, according to a regulatory filing on Wednesday.

The results of the postal ballot will be declared on or before March 20.

On February 4, InterGlobe Aviation -- parent of the country's largest airline IndiGo -- announced the appointment of Bhatia as the Managing Director with immediate effect.

Bhatia ''shall not draw any remuneration from the company during his tenure as the Managing Director'', as per the postal ballot notice.

He will receive benefits, amenities and perquisites to which he is entitled as per the rules of the company as applicable from time to time, it added.

Another proposal is for availing advisory services from Saretsky in the capacity as ''Special Advisor and payment of remuneration to him up to USD 70,000 per month for the said services from February 5, 2022 till March 31, 2023.'' For the three months ended December 2021, IndiGo posted a profit after tax of Rs 129.8 crore. It had a loss of Rs 620.1 crore in the year-ago period.

Reflecting signs of slow recovery in the pandemic-hit airline industry, IndiGo's revenue from operations jumped to Rs 9,294.8 crore in the latest December quarter compared to Rs 4,910 crore in the same period a year ago.

Total income surged 84.3 percent on an annual basis to Rs 9,480.1 crore in the third quarter of the current fiscal year.

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