A new twist has emerged in the ongoing fight between the co-promoters of IndiGo — Rahul Bhatia and Rakesh Gangwal — at a time when there was speculation that the two are close to reaching an agreement.
While the board had on July 20 decided to expand its membership from the current six to ten, Gangwal has now written a letter to the directors, with copies to Sebi and Ministry of Corporate Affairs, that the number of directors be raised to seven instead. This additional director should be an independent woman director, which is a regulatory requirement.
