The shaky truce between the founders of IndiGo, the country’s largest airline, appears to have crumbled.
US-based Rakesh Gangwal, who holds a 36.65 per cent stake in InterGlobe Aviation, the parent company that owns the airline, has fired off a fresh letter in which he said he will not vote in favour of a special resolution seeking to expand the board of directors to 10 from six at present.
The resolution, which is due to be placed before the shareholders on August 27, will have to be approved by at least 75 per cent of the votes cast.
Gangwal’s grouse is that the proposal to expand the board of directors has created a large “corporate governance loophole” by giving the IGE Group “additional powers that they do not have today”.
