According to reports, IndiGo will now have four independent directors instead of the current two. While Gangwal will have just one nominee on the board, Bhatia will be able to nominate five board members, TV reports said.
According to sources, the changes have been approved by both the parties.
Meanwhile, the board of InterGlobe Aviation has approved a new policy on related party transactions, sources said.
Sources said the policy on related party transactions (RPTs) was approved by the board unanimously.
The company's board -- which has six members, including Gangwal and Bhatia -- met for two days on July 19 and 20.
Under the new policy, external advice would be sought for RPTs that are worth over Rs 2 crore and bidding process would be mandatory for any such contracts, the sources said.
Further, any changes in RPTs would have to be unanimously approved by the company's independent directors, they added.
RPTs involving Bhatia's InterGlobe Enterprises was one of the issues flagged by Gangwal in his letter.
A decision has also been taken to expand the strength of the board to up to ten members, including four independent directors.
InterGlobe Aviation is the parent of the country's largest airline IndiGo.