The board on the first day considered and approved the airline’s record earnings for the June quarter — a net profit of Rs 1,203 crore. On the second day, the members considered the contentious issues raised by Gangwal. In the meeting, Gangwal insisted that any amendment to the new policy must need unanimous board approval, the second person said. However, this did not find favour among other board members, as they feared it would mean veto power to Gangwal. Sunday’s filing with stock exchanges didn’t say whether he would have more representation on the board.The current shareholders’ agreement is heavily skewed in favour of Bhatia, which is something Gangwal has raised during the board meeting.

Source: Economic Times July 21, 2019 21:22 UTC