IndiGo founders Rahul Bhatia and Rakesh Gangwal have called a truce on two critical issues — related party transactions (RPTs) and the composition of the company’s board.
The six-member board of InterGlobe Aviation, the parent of IndiGo, which includes both Bhatia and Gangwal, will be expanded to 10 with the addition of four independent directors.
Bhatia’s InterGlobe Enterprises (IGE) Group will nominate five members to the board, including the CEO, with Gangwal retaining his seat. Amendments to the company’s articles of association (AoA) will be made to reflect the changes.
The company will take shareholder approval for the amendments at its forthcoming annual general meeting.
