IndiGo's co-promoter Rakesh Gangwal has called for the expansion of the company's board and has also demanded Sebi to intervene in the matter, reported Business Standard.
Gangwal has demanded the board expansion to ensure that with 37 percent stake he gets equal rights in the management of the company, said the report.
But the board expansion may not be easy as it will need support of InterGlobe's Rahul Bhatia, the report said.
“With Bhatia holding more than 37 percent, it’s practically impossible for such a resolution to be passed,” a source close to the matter was quoted as saying in the report.
The development comes at a time when InterGlobe's Rahul Bhatia is locked in a dispute with his partner Rakesh Gangwal over the airline business, IndiGo, after the latter wrote to market regulator Sebi, detailing his concerns over violation of governance norms and his discomfort with related party transactions (RPT), alleging that these transactions benefited Bhatia.
First Published: IST