Shareholders reject Rakesh Gangwal’s special resolution at IndiGo’s EGM

The special resolution proposed by IndiGo co-promoter Rakesh Gangwal was defeated in the company’s action-packed Extraordinary General Meeting (EGM) on Wednesday.

The resolution has not been passed as only 48.56 per cent of the votes cast were in its favour, while 51.44 per cent were against, according to an exchange filing. The resolution required support from at least 75 per cent shareholders.

But with Rahul Bhatia’s Interglobe Enterpise voting against it, the resolution failed. The Bhatia family and Inter-Globe Enterprises (IGE) together own 38.23 per cent, while Gangwal, his wife Sobha Gangwal and a trust hold 36.65 per cent.

Even most of the public institutions voted against the resolution. Of the 84 per cent of such large public shareholders who voted, 51.65 per cent rejected the move. Institutions own nearly 21 per cent stake in InterGlobe Aviation.