Amid promoters’ spat, IndiGo-parent InterGlobe Aviation to hold shareholders’ meet on January 29

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New Delhi | Published: January 3, 2020 2:44:13 PM

The meeting is being convened following request by co-promoter Rakesh Gangwal and related entities who together hold 36.64 per cent stake in the company, the parent of the country's largest airline IndiGo.

IndiGo, InterGlobe Aviation, indigo promoters spat, InterGlobe Aviation promoters spat, indigo shareholders meetAn extraordinary general meeting (EGM) would be held on January 29 on the request of Rakesh Gangwal Group, according to a regulatory filing. (Reuters)

InterGlobe Aviation on Friday said a meeting of shareholders will be convened on January 29 to seek approval for certain changes in the company’s articles of association. The meeting is being convened following request by co-promoter Rakesh Gangwal and related entities who together hold 36.64 per cent stake in the company, the parent of the country’s largest airline IndiGo.

The differences between co-founders and co-promoters — Rakesh Gangwal and Rahul Bhatia — came to the fore in July 2019 after Gangwal sought market regulator Sebi’s intervention to address alleged corporate governance lapses at the company. An extraordinary general meeting (EGM) would be held on January 29 on the request of Rakesh Gangwal Group, according to a regulatory filing.

The group comprises Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust (Trustee: Shobha Gangwal and J P Morgan Trust Company of Delaware). The EGM would vote on changes in the articles of association (AoA). Generally, an AoA provides the regulations for operating a company. Shares of InterGlobe Aviation rose over 3 per cent to Rs 1,376.60 in afternoon trade on the BSE.

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