IndiGo shareholders create ruckus as Gangwal skips EGM he wanted

NEW DELHI : The extraordinary general meeting of InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, witnessed a lot of drama as shareholders were furious at the absence of co-promoter Rakesh Gangwal, who had called the meeting on Wednesday.

Gangwal had called the meeting to get shareholders’ approval to amend the Articles of Association, particularly the right of first refusal for his entities or the other co-promoter Rahul Bhatia’s IGE Group, over sale of shares by one of the promoters.

“The resolution does not provide clarity on whether Gangwal wants to sell his stake or not. Also, he called the EGM but was himself absent,” Jasmeet Singh, a shareholder present at the meeting, told Mint.