The statement has come as a surprise because Gangwal agreeing to a 10-member board (and not seven as he has proposed earlier) still leaves his previous issue unresolved

In a strongly-worded letter to IndiGo's board, Rakesh Gangwal alleged that proposed 10-member board structure gives co-promoter Rahul Bhatia's IGE group additional powers that it does not have currently

Is the truce between the warring co-founders of IndiGo for real?

IndiGo Chairman M. Damodaran, played a key role in brokering peace between the co-promoters and several key decisions on board structure and related party transactions have been hashed out at the recent board meeting

Rahul Bhatia said that there was not any abuse of rights and Gangwal's proposal for convening an Extraordinary General Meeting (EGM) was rejected on the basis of a legal opinion obtained by IndiGo board

The bitter fight between the two founders of IndiGo began in last October, when both sides started firing letters addressed to the company board accusing each other of mala fide intentions

The share price of InterGlobe Aviation, IndiGo's parent firm, dived over 17 per cent on Wednesday, a day after Gangwal complained about serious corporate governance lapses at the company

Rakesh Gangwal, one of the promoters of IndiGo, on Tuesday alleged serious governance lapses by its co-founder Rahul Bhatia, who had earlier termed his demands as unreasonable

SpiceJet share price rose 9.38% to 128.25 level compared to the previous close of 117.25 on BSE. SpiceJet share price opened with a gain of 4.14% at 122.1 0 on BSE. SpiceJet share price has gained 11.77% during the last one year and gained 38.96% since the beginning of this year.

InterGlobe Aviation stock has formed a gap down chart pattern today and trades below its 30 and 50-day simple moving averages. The share price of InterGlobe Aviation has fallen 17 % in one month and 13% in last week.

Bhatia's wrote this letter to the IndiGo board and the company secretary on June 12 after Gangwal had sought to convene an extraordinary general meeting of the company

Crucial differences include pace of expansion, use of aircraft for overseas operations and recent management changes; it seems Gangwal's signature is written all over IndiGo's current strategy

Spencer's Retail will acquire Nature's Basket's entire share capital comprising 44,58,30,000 fully paid-up equity shares of Rs 10 each.

Although the co-founders of the airline, Rahul Bhatia and Rakesh Gangwal, have a nearly equal stake in the airline, the shareholders' agreement in slanted in favour of the former. This, along with their divergent views on IndiGo's expansion, has caused the rift between the promoters

The stock sale is expected to value the airline at approximately Rs 25,200 crore.

The domestic aviation space is all set to witness severe competition with the entry of AirAsia India, which starts operation from Thursday.

The new facility - set up in Greater Noida with a total investment of $25 million - is a 50:50 joint venture between InterGlobe and Canadian firm CAE.