The InterGlobe Aviation EGM turned into a stormy affair on Wednesday as the shareholders created a ruckus over Rakesh Gangwal’s absence even though he had pressed for the meeting to move a special resolution seeking to amend the articles of association of IndiGo Airlines’ parent. Co-founder Rahul Bhatia attended the meeting.
Gangwal has been locked in a bruising battle with Rahul Bhatia for over a year, alleging shortcomings in corporate governance practices and dodgy related-party transactions between Bhatia’s firms and the country’s largest airline.
The shareholders’ agreement between Gangwal and Bhatia ended last November (which required them to act in concert at all times) but Gangwal is unable to sell his stake or negotiate a fair deal with Bhatia for his shares as the AoA contains a proviso that confers the right of first refusal to either of the founders when the other party wishes to sell his stake.
