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    Co-founder Rahul Bhatia's greater control over Indigo likely cause of disagreement between promoters, says report

    Co-founder Rahul Bhatia's greater control over Indigo likely cause of disagreement between promoters, says report

    Co-founder Rahul Bhatia's greater control over Indigo likely cause of disagreement between promoters, says report
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    By CNBC-TV18  IST (Published)

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    The scales are tilted in the favour of Rahul Bhatia, and not Rakesh Gangwal,  even though both the co-founders hold near-equal stakes in InterGlobe Aviation, the parent of IndiGo, reported The Economic Times.

    The scales are tilted in the favour of Rahul Bhatia, and not Rakesh Gangwal,  even though both the co-founders hold near-equal stakes in InterGlobe Aviation, the parent of IndiGo, reported The Economic Times.
    Gangwal's family holds around 36.7 percent stake in the airline, while Bhatia holds 38.3 percent.
    Bhatia’s holding company Inter-Globe Enterprises (IGE) has the right to appoint key managerial personnel, including the chairman, MD, CEO and president, as per the report.
    The Rakesh Gangwal (RG) Group, on the other hand, has the right to nominate just one non-independent director, who will be a non-retiring director, the report said citing filings with the Registrar of Companies.
    The articles of association (AoA) also give Bhatia operational control over the company and its management, said the report.
    On Wednesday, a report in ET Now said the two promoters have hired law firms Khaitan and Co and J Sagar Associates to resolve some problems. CNBC-TV18 has been able to independently verify it and sources say that the differences are likely to be about the path ahead for IndiGo, which now holds 47 percent market share in India and plans to become an aggressive international player as well.
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