IndiGo set to expand board to have 4 independent directors

first_imgNew Delhi: Amid promoters feuding over governance issues, InterGlobe Aviation has decided to have up to 10 members on its board, including four independent directors. The decision, taken during the company’s board meeting on July 20, comes against the backdrop of a feud between co-promoters — Rakesh Gangwal and Rahul Bhatia — over corporate governance issues. InterGlobe Aviation, the parent of the country’s largest airline IndiGo, at present has six members, including two independent directors. Also Read – Thermal coal import may surpass 200 MT this fiscalThe board of directors have decided to amend the Articles of Association (AoA) for expanding the board by up to a maximum of 10 members, including four independent directors, a regulatory filing said. “The said amendment of the articles will be subject to approval of the shareholders at the forthcoming annual general meeting of the company,” it added. Generally, an AoA pertains to internal rules governing a company. In a statement on July 19, the company said its board has decided to seek shareholders’ approval for expanding the board to enable the induction of an independent woman. Former Sebi chief M Damodaran is the Chairman of InterGlobe Aviation. Apart from Gangwal, Bhatia and his wife Rohini Bhatia, former World Bank executive Anupam Khanna and chartered accountant Anil Parashar are board members. Markets regulator Sebi and the corporate affairs ministry are looking into the alleged governance lapses at InterGlobe Aviation. Shares of InterGlobe Aviation were trading at Rs 1,475.30, higher by 0.82 per cent, even as the broader market was trading in the negative territory.last_img read more

Need to harness technology innovation to help the poor stressed at UN

“We must provide incentives to various stakeholders, including the private sector, so that they do indeed focus their efforts on the needs of poor people,” Deputy-Secretary-General Louise Fréchette told the “Global Roundtable Forum on Innovation and Investment.” The purpose of the meeting was to discuss ways in which science and technology, and especially information and communications technologies (ICTs), could help meet the Millennium Development Goals (MDGs).Stressing that developing nations were the least likely to have taken advantage of technology because of lack of resources, Under-Secretary-General for Economic and Social Affairs Jose Antonio Ocampo said that science and technology should help “cure diseases, address environmental concerns, communicate across great distances, and empower people to realize their human potential.”Bringing technology to the poor will require new political will and additional finances, said Mr. Ocampo who is also acting as Chair of the UN ICT Task force.President Pervez Musharraf of Pakistan, who chaired the Forum, said the development promise of science and technology “remains unfulfilled for the poor of the world.” Strengthening educational institutions and research and development organizations in the developing countries and their effective linkages with industry is therefore “vital,” he added.Figures relating to the “digital divide” made for “grim reading,” with 1 billion people in the world without telephone access, and 800,000 villages or 30 per cent of villages worldwide without any kind of connection, said Malaysian Prime Minister Abdullah Haji Ahmad Badawi. At the same time, people in the developed world own 13 times more personal computers than 85 per cent of the world population, he said.Building scientific capacity and promoting technological adaptation for science and technology are part and parcel of the UN MDGs, which seek to slash a host of socio-economic ills, such as extreme poverty, hunger, and preventable diseases, by 2015. read more