The EGM was action packed with Gangwal, who requested the meeting, not showing up. Gangwal proposed the EGM earlier this month seeking for a change in Articles of Association (AoA). The proposal was to remove articles related to transfer and acquisition of the companys shares, including Right of First Refusal and Tag Along Right from AoA.
The resolution primarily failed after co-founder Rahul Bhatias Interglobe Enterpises voted against it. The Bhatia family and Inter-Globe Enterprises (IGE) together own 38.23%, while Gangwal, his wife Sobha Gangwal and a trust hold 36.65%.
The feud between IndiGo founders, Rahul Bhatia and Rakesh Gangwal, came to the limelight last year. In July 2019, Gangwal had accused Bhatia, of corporate-governance transgressions at IndiGo, and said unusual controlling rights held by Bhatia had allowed him to push through related-party transactions in violation of rules.
Interglobe Aviation reported a consolidated net profit surged 167.86% to Rs 495.97 crore on a 25.45% jump in net sales to Rs 9,931.68 crore in Q3 December 2019 over Q3 December 2018.
Interglobe Aviation (Indigo) is among the fastest growing low cost carriers in the world.
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