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 per cent on an annual basis to Rs 9,480.1 crore in the third quarter of the current fiscal year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU