Question mark over independence of IndiGo chairman

Under the law, the chairperson of the board does not enjoy any special power, unless the Articles of Association confers casting vote

Asish K Bhattacharyya

Inter Globe Aviation (IGA), which runs IndiGo Airlines, is co-promoted by Rahul Bhatia and Rakesh Gangwal. The Bhatias have a 38.26 per cent stake and the Gangwal family has a 36.68 per cent stake in the airlines. Institutional shareholders hold 20.12 per cent shares and non-institutional shareholders hold 4.95 per cent shares. IGA got listed in 2015. According to the shareholder agreement, Interglobe Enterprise Group (IEG), which is controlled by the Bhatias, has the right to nominate three non-independent directors and the RG Group, which is led by Gangwal, can appoint one ...