IndiGo Shareholders Rejects Proposal to Amend Company's AoA

IndiGo Shareholders Rejects Proposal to Amend Company's AoA

SMEStreet Edit Desk
Jan 30, 2020 10:48 IST
New Update

Shareholders of InterGlobe Aviation, the firm which runs the airline IndiGo, rejected a proposed resolution to amend the company's Articles of Association (AoA).

According to the company, the shareholders voted against the proposed resolution at an Extra-Ordinary General Meeting (EGM) which was called on the request of Rakesh Gangwal, and The Chinkerpoo Family Trust (RG group).

At present, the RG Group comprises of Rakesh Gangwal, Shobha Gangwal and the Chinkerpoo Family Trust, which collectively holds 36.64 per cent of the paid-up share capital of the company.

The company, in a regulatory filing, said that the "special Resolution for Amendments to the Articles of Association of the Company" has not been passed as the votes cast in favour of the resolution were 48.5584 per cent against 51.4416 per cent votes cast against the resolution.

The EGM had been called to consider the proposed resolution to amend articles "1.6 to 1.15, 1.16 to 1.20 and 2A from the company's Articles of Association".

These articles deal with aspects such as transfer of equity shares, acquisition of shares and other provisions on equity shares.

Other proposals include the provisions of "Section 14 and other applicable provisions, if any, of the Companies Act, 2013; Securities and Exchange Board of India Regulations, 2015...."

The shareholders' agreement dated April 23, 2015 was entered amongst the company, the RG group and Rahul Bhatia-owned IGE group. It was amended on September 17, 2015.