Bhatia, who, along with his friend, Rakesh Gangwal, founded IndiGo in 2006, owns 35.7%, while the airline’s senior leadership, including chief executive officer Pieter Elbers, have faced a nationwide backlash for flight cancellations, halting the country’s booming aviation sector in the first week of December. “[A]s the only executive director on the board and the company’s promoter, it was expected of Rahul Bhatia to lead from the front, rather than from the sidelines,” IiAS said in a note on Friday. “Given that Rahul Bhatia’s role significantly overlaps with responsibilities typically assigned to a CEO, it is unclear how the Board has apportioned the responsibilities between the managing director and the CEO.” IiAS also faulted the composition of the current board, noting that, according to the airline’s Articles of Association, the Bhatia-led InterGlobe Enterprises (IGE) Group has the authority to nominate five non-executive, non-independent directors, resulting in the nomination of half the board.Also Read | Can’t cap airfares for entire year, says Civil Aviation minister IGE Group also retains the exclusive right to appoint the airline’s managing director, CEO and president, irrespective of its ownership level. Mumbai-based IiAS pointed out that these rights continue even if IGE’s stake falls below 5%, though it currently holds 35.7%. “This creates a scenario where a shareholder with just over one-third ownership exercises board control disproportionate to its stake,” the advisory firm said in a report. An email sent to IndiGo seeking comment went unanswered.Board independenceInterglobe Aviation Ltd, which runs IndiGo, has nine board members. Promoter Rahul Bhatia, who also serves as the managing director, is the sole executive member. The four non-independent and non-executive members include Anil Parashar, CEO of Interglobe Technology Quotient Pvt. Ltd; Gregg Albert Saretsky, former president and CEO of WestJet, Calgary, Alberta; former Securities and Exchange Board of India (Sebi) chairman M. Damodaran, and Amitabh Kant, former CEO of Niti Aayog. Pallavi Shroff, managing partner, Shardul Amarchand Mangaldas & Co., the law firm, is classified by IndiGo as an independent member. However, IiAS describes Shroff as non-independent and non-executive, noting that her law firm does business with the airline and receives professional fees from it. IndiGo chairman Vikram Singh Mehta, former CEO of Shell India, Birendra Singh Dhanoa, former Indian Air Force air chief marshal, and Michael Whitaker, a former administrator of the US Federal Aviation Administration, are independent directors. IndiGo CEO Elbers is not a member of the board. “A systematic review of the board structure is essential for IndiGo to emerge stronger from this crisis and position itself as a leading global airline,” said IiAS in its note.Also Read | in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. 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Proxy firm IiAS criticizes Rahul Bhatia’s leadership amid IndiGo’s challenges
