1 min read.Updated: 06 Dec 2021, 08:51 PM IST Edited By Vivek Punj
The EGM will look at proposal to amend Articles of Association of the company and remove restrictions on transfer of promoter shares
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InterGlobe Aviation, the parent company of IndiGo, has called its shareholders for an extraordinary general meeting (EGM) on December 30. The EGM will look at proposal to amend Articles of Association of the company and remove restrictions on transfer of promoter shares.
The IGE Group, comprising of InterGlobe Enterprises Private Limited and promoter Rahul Bhatia, and the RG Group, comprising of promoter Rakesh Gangwal, the Chinkerpoo Family Trust and Shobha Gangwal, had requisitioned the meeting.
The abovementioned parties hold 74.44 per cent of the paid-up equity share capital of the company, InterGlobe Aviation said in a regulatory filing on Monday.
“Pursuant to Regulation 30 and other applicable regulations of the SEBI LODR Regulations, please find enclosed a copy of the notice for convening an Extraordinary General Meeting (EGM) of the company, scheduled to be held on Thursday, December 30, 2021, at 11:00 am (IST), through video conferencing / other audio-visual means, in accordance with the relevant circulars issued by the Ministry of Corporate Affairs," the company said.
The EGM has been called in the backdrop of a feud between promoters Rahul Bhatia and Rakesh Gangwal, which was taken up by the Delhi High Court back in October. Both promoters had contested each others' claims at the London Court of International Arbitration (LCIA).
As per information shared by InterGlobe Aviation, neither of the two parties had won the arbitration award from LCIA, as different parts of the ruling favoured and went against both of them.
“The award has issued directions to each of the RG Group (Gangwal) and the IGE Group (Bhatia) in relation to the relief sought by them against each other. The award also directs the reimbursement of the costs incurred by the company in relation to the arbitration by the IGE group," the IndiGo parent firm had told the exchanges.
Cracks emerged between Bhatia and Gangwal in 2019, which has since devolved in a bitter, long-drawn fight between the two promoters. Gangwal had approached Sebi, Finance Ministry, and Prime Minister's Office, seeking their intervention on several corporate governance issues and Bhatia's control over IndiGo. Despite going on for more than two years, there seems to be no sign of ceasefire from either promoter.
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