At present, IndiGo and GoAir have 92 and 35 A320neo aircraft powered by Pratt and Whitney engines in India.
The ruling Narendra Modi-led government is hoping to privatise the national carrier in the coming months.
The company said that the operating revenues were at Rs 3,002.1 crore against Rs 2,220.4 crore for the corresponding quarter last year.
Gangwal had written to Sebi on July 8 seeking its intervention to address what he called corporate governance issues at Indi-Go.
In order to ensure the independence of directors, a head hunting firm will be appointed by the board to search for directors.