Shareholders of InterGlobe Aviation, which operates India's largest airline IndiGo, have passed a resolution to amend a contentious RoFR clause in the company’s articles of association, according to an exchange filing.
The exchange filing revealed 99.99% shareholders have voted in favour of the resolution. The amendement gives promoters the right of first refusal over the acquisition of each other’s stake.
The board has decided to call the EGM on a joint requisition from its promoters Rahul Bhatia-controlled IGE Group and Rakesh Gangwal-led RG Group.
Both promoters Gangwal and Bhatia have been involved in a bitter feud since 2019 over some clauses in the company’s articles of association.
In July 2019, Gangwal had written to the Securities and Exchange Board of India (Sebi) seeking intervention in what he called corporate governance issues at IndiGo. Gangwal had pointed to third-party transactions, non-independence of the present chairman, and refusal to hold EGMs. He had also proposed to amend the company’s AoA to end the Bhatia-led group’s right of first refusal to buy Gangwal’s stake in case the latter decided to sell his shares.
This proposal was, however, rejected by shareholders in January 2020.
As on 30 September, Bhatia’s IGE Group held 37.83% stake in the airline, while RGE Group, which comprises of Rakesh Gangwal, Sobha Gangwal, and Chinkerpoo Family Trust, held 36.61%. The two promoter groups together held 74.79% stake in the airline.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
IndiGo EGM: Shareholders pass resolution to amend contentious clause - Mint
Read More
No comments:
Post a Comment