Two co-founders of India's largest carrier IndiGo Airlines (6E, Delhi International) have hired legal consultants to help them to resolve differences before the expiration of their shareholders' agreement later this year, Live Mint has reported.
"Both sides are trying to defuse the situation and have roped in Haigreve Khaitan and Jyoti Sagar, founders of law firms Khaitan & Co. and J Sagar Associates, who will personally advise [co-founders] Gangwal and Bhatia to set aside their differences which have existed for a few years now," a source said.
The details of the disagreement have not been publicly revealed but another source suggested that Gangwal would like to continue running the airline as an independent LCC while Bhatia would like to tie-up with a foreign partner, possibly a full-service carrier.
IndiGo Airlines is owned by InterGlobe Enterprises, in which Bhatia controls a 38% stake and Gangwal a 37% stake. The former executive is currently responsible primarily for public and regulatory affairs while Gangwal was behind IndiGo's aggressive growth strategy, international expansion, and bulk aircraft orders.
