Can’t vote for new resolution, until you prevent Rahul Bhatia from getting more powers: Rakesh Gangwal to IndiGo directors

Mumbai | New Delhi: IndiGoNSE 1.17 % co-founder Rakesh Gangwal has informed its directors he cannot vote for a special resolution which will result in an expansion of the airline’s board size, until a resolution is passed to prevent his partner Rahul Bhatia from getting even more powers than he already has and a new policy for signing related party transactions is adopted.

Gangwal said “serious unresolved issues” made sure he was “no longer in a position to vote affirmatively on the special resolution” that would change the articles of association of the company. That alteration is required to increase its board size to include more directors, one of the main issues discussed in a long two-day board meeting last month. That and other issues flagged by Gangwal have led to a public, bitter feud between the two partners that built India’s biggest airline by market share. IndiGo controls almost half of the Indian domestic passenger market.