IndiGo co-founder Rakesh Gangwal resigns from board, plans to cut stake

Earlier this month, Rahul Bhatia, the billionaire co-founder of IndiGo, took on a newly-created executive position of managing director at the company.

IndiGo co-founder Rakesh Gangwal resigned from the company’s board and plans to pare his stake over five years, according to a statement by the airline on Friday.

Rakesh Gangwal, co-founder of IndiGo airlines. (Photo: HT)

Earlier this month, Rahul Bhatia, the billionaire co-founder of IndiGo, took on a newly-created executive position of managing director at the company.

Gangwal had accused Bhatia of corporate governance lapses. The founders were embroiled in a bitter public dispute over a 2015 shareholder agreement that Gangwal said gave Bhatia control over IndiGo despite the similar size of their stakes.