A recent note by a business intelligence platform said Flipkart's parent in Singapore has made changes to the shareholders agreement empowering the company to make additional appointments to its board. From the current nine, the company can now have up to 11 board members. At present, Walmart has three board positions, and former CEO Binny Bansal still retains a board seat as founder-nominee.
While Chinese investor Tencent's James Gorden Mitchell is also a nominee director, the others are independent directors. With two additional board seats up for grabs, analysts believe current group CEO Kalyan Krishnamurthy has a strong case for an entry. With the company working towards listing in a definitive time frame and Walmart bolstering the company's compliance standards to prepare for an IPO, it would not be surprising to see another big name on the board.