New Development: IndiGo promoters call EGM to amend AoA

InterGlobe Aviation, which operates the country’s biggest airline IndiGo, has once again called for an extraordinary general meeting (EGM) later this month to amend the company’s articles of association (AoA), which among other things, stipulate that one promoter needs the approval of the other before selling shares to a third party. The company’s board has approved holding the EGM on December 30, according to a regulatory filing on Monday.

The company’s shareholders had rejected a similar proposal of co-promoter Rakesh Gangwal to amend the AoA in January 2020.

Co-promoters of IndiGo, Rahul Bhatia and Rakesh Gangwal, have been locked in a bitter dispute now for more than a year.