IndiGo's board to meet again on July 20, to decide on woman director

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26 Aug, 2025 12:21

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IndiGo's board, which met today to discuss the first quarterly results, will convene again on July 20, after having a 'fulsome discussion on all issues', said a senior executive.

The stretched meeting gains importance as it was the first interaction between co-founders Rahul Bhatia and Rakesh Gangwal since their differences became public earlier this month.

Talking to analysts after the company announced its first quarter results, CEO Ronojoy Dutta said that among issues, the board discussed about inducting a woman director to comply with the law. "We need to change the Articles of Association and final decision will be taken tomorrow," he said.

Lack of an independent woman director on the airline's board was one of the issues that Gangwal had raised, while talking about the alleged lack of corporate governance in IndiGo.

Dutta added that the Board's audit committee also met today.

The committee had earlier this year taken up issues raised by Gangwal over related party transactions between IndiGo and InterGlobe Enterprises, the privately held company of Bhatia. Gangwal had alleged that InterGlobe had benefitted thought these transactions, which were not at arm's length.

An independent inquiry was done by auditing firm EY, which was then studied by the Board. While the Board had said that it found no instance of any violations in the related party transactions, it had asked for procedural changes.

An internal committee, including the CEO, had been formed and was given four months to submit a report. But that didn't happen.

In the investors call, Dutta said that the EY report can't be made public, but when pressed that shareholders have the right to see it, the senior executive said that the company will discuss the issue.

He added that InterGlobe Enterprises has sent its response to Gangwal's allegations, to SEBI, as the market regulator had stipulated. Friday was the deadline for the same.

Dutta added that the company will also reply to the Ministry of Corporate Affairs 'by end of next week'.

In a hard-hitting document, Gangwal had said that a 'pan ki dukaan' had better corporate governance than IndiGo. On the other hand, InterGlobe Enterprises had termed Gangwal's allegations, 'much ado about nothing'.