Mumbai: The feud between the promoters of InterGlobe Aviation Ltd intensified, with co-founder Rakesh Gangwal opposing a plan to expand the airline’s board to 10 members, a departure from his earlier stand, alleging loopholes that will tilt the scales further in favour of his partner, Rahul Bhatia.
In a 5 August letter, Gangwal suggested directors of India’s largest airline, IndiGo, consider increasing the board strength to seven from the current six, weeks after the board approved a proposal to raise the number of directors to 10.
Gangwal said he will oppose the special resolution at the annual general meeting (AGM) on 27 August unless another resolution is passed by the board to prevent co-founder Bhatia’s InterGlobe Enterprises (IGE) Group from attaining more power and until a new policy on related-party transactions (RPT) is adopted by the company.
