INSUBCONTINENT EXCLUSIVE:
Gangwal, said reports that a truce had been brokered between him and another co-founder Rahul Bhatia over disagreements on corporate
governance were "false and misleading".In a letter dated August 5, Mr Gangwal told the board of IndiGo's parent InterGlobe Aviation Ltd
that issues between him and Mr Bhatia remained unresolved.Mr Gangwal last month alleged violations of corporate governance rules at
InterGlobe, calling for securities regulator to intervene.At the centre of Mr Gangwal's complaint were Mr Bhatia-controlled IGE Group's
significant controlling rights over IndiGo, which he alleged allows them to carry out "questionable" transactions.In the latest letter,
disclosed by InterGlobe to exchanges on Tuesday, Mr Gangwal said he did not back a proposal by the airline to expand its board of directors
to 10, arguing that it would benefit IGE and help it "rework and dilute" an agreed-upon policy on related-party transactions.InterGlobe lost
almost $1 billion in market value on July 10 after Mr Gangwal disclosed his complaint to regulators, although the shares have recouped most
Damodaran had brokered a truce between the co-founders.Under Mr Gangwal and Mr Bhatia, IndiGo has grown rapidly since it launched flights in
2006 and now controls a near 50 per cent share of the domestic aviation market.IndiGo, Asia's most valuable budget airline by market
capitalisation, has also accelerated international expansion plans since Jet Airways, once India's largest private carrier, collapsed in
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