NEW DELHI: IndiGo’s wait for turbulence caused by the dispute between its two co-promoters and founders — Rahul Bhatia and Rakesh Gangwal — to end has got a little longer. The airline’s shareholders on Wednesday rejected amendments to the articles of association (AoA) sought by Gangwal group to remove conditions attached with selling or buying of shares by main stakeholders. Deleting these conditions was widely seen as a precursor to a promoter exiting, thereby ending the war of attrition the airline has seen for past few months now.
Gangwal had requisitioned an EGM (extraordinary general meeting) for voting on this issue on Wednesday but he, along with his associate and non-executive independent director Anupam Khanna did not attend. This upset many shareholders. Some of them asked about the future holding of the 36.6% stake Gangwal group has in the airline, to which IndiGo chairman M Damodaran replied that call will be of the promoter. The Bhatia group has 38.3% stake in IndiGo, with the rest being with the public.
