The shareholder agreement between entities controlled by Rahul Bhatia and Rakesh Gangwal — the two promoters of Interglobe Aviation who are currently at loggerheads — is set to expire in October this year, and an ongoing renegotiation of the same is learnt to be at the heart of the rift. The dispute is learnt to be primarily over the disproportionate distribution of board and management appointment rights between the two promoters, sources close to the matter told The Indian Express.
As per the shareholding pattern declared by Interglobe Aviation, as of March 31, Bhatia, his family and his holding company Interglobe Enterprises held around 38 per cent stake, while Gangwal, his family and his entity held close to 37 per cent. However, as per the agreement, upon listing of the company, Interglobe Enterprises Group (Rahul Bhatia’s entity) has the right to nominate three non-independent directors, while the Rahul Gangwal Group has the right only to nominate one non-independent director. Further, Bhatia’s group is entitled to nominate the chairman, the managing director, the chief executive officer and the president of the company.
