Co-promoter Gangwal wants expansion of IndiGo board, asks Sebi to intervene

The move is difficult to implement as it will need Rahul Bhatia's support

IndiGo co-promoter Rakesh Gangwal wants the company board to be expanded so that the number of independent directors goes up. Gangwal has also asked the Securities and Exchange Board of India (Sebi) to intervene and rewrite the Article of Association (AoA) to ensure that with 37 per cent stake he gets equal rights in the management of the company — a demand that the Rahul Bhatia camp says would be impossible to implement without 75 per cent shareholder support. 

Every listed public company must have at least one-third of the board as independent directors. Currently, IndiGo has six directors, of