NEW DELHI: Faced with the prospect of real competition in Indian skies next year when Tatas start running Air India, IndiGo parent company InterGlobe Aviation may finally see the long-standing feud between its two founder-promoters – Rahul Bhatia and Rakesh Gangwal – getting resolved. An extraordinary general meeting (EGM) has been called at their behest on December 30, to remove restrictions on stake sale by one promoter, which at present is not possible without the consent of the other. Together, the two hold 74.4% of the company’s paid-up equity share capital.
In a filing, the company says it “received a joint requisition” on November 25, 2021, “for removing the transfer restriction articles from articles of association of the company”. The articles being sought to be removed require: “If any member of RG (Rakesh Gangwal) Group or IGE (Rahul Bhatia) Group proposes to transfer any of its equity shares to a third party, the other group shall have the right at its sole discretion to: Purchase the transfer shares… or tag along…”
Other article says that if one group transfers shares other than on a stock exchange, it should first inform the other group about the same and discloses the identity of the proposed purchaser.
