IndiGo EGM call signals truce among promoters
The extraordinary general meeting (EGM) of InterGlobe Aviation, which operates the county’s biggest airline IndiGo NSE -0.31 %, on December 30 will likely signal a truce for its sparring founder-promoters, Rakesh Gangwal and Rahul Bhatia, people aware of the development said. Gangwal and Bhatia have been locked in a bitter feud since 2019 over several clauses in the company’s Articles of Association (AoA).
The EGM has been called to amend the AoA, which, among other things, say that if one promoter decides to sell his shares, the other has the right of first refusal to buy them. Also, its promoters need the approval of each other for any sale of shares to a third party.
