IndiGo shareholders reject Rakesh Gangwal’s proposal to amend Articles of Association

NEW DELHI : Shareholders of InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, rejected co-promoter Rakesh Gangwal’s proposal to amend the company’s articles of association (AoA), which could have provided him a clean exit if he so desired amid an escalating feud with partner Rahul Bhatia.

If the amendment was approved, it would have done away with the Bhatia-led group’s right of first refusal to buy Gangwal’s stake in case the latter decided to sell his shares.

About 51.11% of the valid votes rejected the special resolution, while 48.56% were in favour, according to a filing with stock exchanges.