IndiGo CFO Rohit Philip resigns

This comes a week after company's promoter Rakesh Gangwal said the company's board has approved a new policy on related-party transactions.

InterGlobe Aviation today said its CFO Rohit Philip has resigned from the the company, effective September 15. In a regulatory filing, the company said Aditya Pande has been appointed as the new CFO with effect from September 16.

InterGlobe Aviation is the parent company of the country's largest airline IndiGo.

This comes at a time when two promoters of the airline are engaged in a fued. Last week, company's promoter Rakesh Gangwal said the company's board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues.


The feud between the two co-founders, Gangwal and Bhatia, came out in the open in June this year after the former wrote a letter to market regulator Sebi raising issues related to RPTs and corporate governance. A copy of the letter was also marked to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other top government functionaries.

While Gangwal and his family holds 37 per cent stake in the company, Bhatia and family control 38 per cent in the country's largest private carrier with nearly 50 per cent market share on local routes. It is also the biggest by fleet size.

Gangwal has alleged that IndiGo was getting into high-value RPTs with Bhatia-controlled InterGlobe Enterprise.
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Following this, all the RPTs were reviewed.
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