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IndiGo Airlines: IndiGo co-promoters Rakesh Gangwal and Rahul Bhatia take steps to resolve differences: ET NOW

The two co-promoters of IndiGoRakesh Gangwal and Rahul Bhatia – have taken steps to resolve differences, said an ET NOW report.

The talks between the two feuding camps were brokered by IndiGo chairman M Damodaran.

According to the report, IndiGo will have four independent directors from the current two. Rakesh Gangwal will have one nomination on the board while Rahul Bhatia can nominate five board members, the ET Now news report said.

The Article of Association will also be amended to reflect the new terms.

The spat between the two co-promoters had reached the government’s doorsteps when Rakesh gangwal sought the regulator as well as government’s intervention on the issue of related party transactions which he had earlier highlighted. Rakesh Gangwal had gone to the extent of equating IndiGo to a ‘paan ki dukaan’ (betel shop).

It was followed by an ugly exchange of letters between the two co-promoters in which the Rahul Bhatia Group responded to allegations levelled by Rakesh Gangwal and had said that the ‘paan ki dukaan’ has done well.




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