Tweaking of AoA: IndiGo parent company to hold EGM in January

InterGlobe Aviation, the parent company of IndiGo, said on Friday it would hold an extraordinary general meeting (EGM) on January 29 for amending its article of association (AoA) on a requisition made by co-founder Rakesh Gangwal, who is locked in a bitter dispute with partner Rahul Bhatia over the control of the airline.

Gangwal’s RG group is seeking a removal of the clauses that give the right of first refusal of shares to partner Bhatia whenever the former intends to sell. The RG Group owns a 37.02% stake in InterGlobe Aviation, while Bhatia holds 37.92% in the country’s largest domestic carrier through his company InterGlobe Enterprises (IGE). Industry experts see the move as a precursor to an exit by Gangwal from the airline. Although the shareholder agreement between Gangwal and Bhatia expired in October, the AoA still continues.