InterGlobe Aviation, the Indigo parent company, will expand the airline's board to add four more members. The decision was taken in a board meeting on July 20, considering the drift between the company's co-promoters Rakesh Gangwal and Rahul Bhatia over corporate governance issues.
InterGlobe Aviation said in a filing to the stock exchange that the board will amend the Articles of Association (AoA), expanding the board from six members to a maximum of ten members including four independent directors and the chairman.
The filing also stated that the company will seek the shareholders' approval for the amendment of the articles in the forthcoming annual general meeting. The company also has plans to induct an independent woman member into the board after seeking approval of the shareholders, reported MoneyControl.
The present board members include former SEBI chief M Damodaran (Chairman), Anupam Khanna, Anil Parashar, Rakesh Gangwal, Rahul Bhatia and Rohini Bhatia.
The corporate affairs ministry and SEBI are leaving no stones unturned in finding the roots of the alleged governance lapses at Indigo.