NEW DELHI: Contrary to expectations, shareholders of IndiGo rejected a proposal by promoter and co-founder Rakesh Gangwal to amend the company’s Articles of Association (AoA). The absence of Gangwal from the Extraordinary General Meeting (EGM), which he himself had called for, unsettled the shareholders of India’s largest airline so much so that chairman M Damodaran had to call security guards to bring the situation under control.
“The Special Resolution has not been passed as the votes cast in favour (48.55 per cent) of the resolution are less than three times the number of votes cast against (51.44 per cent) the resolution,” IndiGo’s parent firm InterGlobe Aviation said in a BSE filing after the EGM.
