IndiGo paves way for Gangwal-Bhatia dispute to end by removing stake sale restrictions
NEW DELHI: The pandemic uncertainty remains but IndiGo could fly into the New Year with its warring founder-promoters — Rahul Bhatia and Rakesh Gangwal — burying the hatchet. The biggest remaining bone of contention between them overselling stake with each other’s approval was removed in an extraordinary general meeting here by amending the company’s articles of association on Thursday. While highly unlikely, it remains to be seen if the Gangwal group exits or dilutes its holding in India’s biggest airline.
The two groups collectively hold 74.4% stake in InterGlobe Aviation (IGA, parent company of IndiGo) almost equally. The end of the war of attrition means the Big Blue airline can take on upcoming challenges like the mega Tata-Air India airline being formed next year and the entry of the Big Bull in Indian skies.
“…Members of the company at the EGM held on December 30, 2021, have approved the special resolution for an amendment to the Articles of Association by deletion of articles 1.6 to 1.15 (transfer of equity shares), 1.16 to 1.20 (acquisition of shares) and 2A (other provisions on equity shares), with requisite majority,” IGA said in a regulatory filing. The EGM was called at the joint request of the two.
