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IndiGo Co-promoters Rakesh Gangwal and Rahul Bhatia Take Steps to Resolve Differences

He two co-promoters of IndiGoNSE 4.70 % - Rakesh Gangwal and Rahul Bhatia - have taken steps to resolve differences

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The spat between the two co-promoters had reached the government's doorsteps when rakesh gangwal sought the regulator as well as government's intervention on the issue of related party transactions which he had earlier highlighted.

The talks between the two feuding camps were brokered by IndiGo chairman M Damodaran.
According to the report, IndiGo will have four independent directors from the current two. Rakesh Gangwal will have one nomination on the board while Rahul Bhatia can nominate five board members
Sources close to Interglobe enterprise told ET that both the parties have the approved these changes.
“Board will also have a strength of 10 members now. Out of that, 4 will be independent directors, 5 members will be from Interglobe Enterprise and Gangwal will also be a member. The board will also have an independent woman member,”
When contacted, Gangwal did not comment on the issue terming it ‘ongoing discussions’.
Sources close to Gangwal added that these are something that should have been done long back. “This is something that should have always been there and has only happened after complaints. However, more needs to be done to improve corporate governance,” the source said. 
The Bhatia camp, however, is of the view that the RPT was a smokescreen and the real issue is that Gangwal wants dilution of Bhatia’s controlling rights. 

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