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InterGlobe Aviation to Hold Shareholders' Meet on Jan 29 Amid Promoters' Spat

File photo of an IndiGo Airlines flight.

File photo of an IndiGo Airlines flight.

The meeting is being convened following request by co-promoter Rakesh Gangwal and related entities who together hold 36.64 per cent stake in the company, the parent of the country's largest airline IndiGo.

New Delhi: InterGlobe Aviation on Friday said a meeting of shareholders will be convened on January 29 to seek approval for certain changes in the company's articles of association.

The meeting is being convened following request by co-promoter Rakesh Gangwal and related entities who together hold 36.64 per cent stake in the company, the parent of the country's largest airline IndiGo.

The differences between co-founders and co-promoters — Rakesh Gangwal and Rahul Bhatia — came to the fore in July 2019 after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company.

An extraordinary general meeting (EGM) would be held on January 29 on the request of Rakesh Gangwal Group, according to a regulatory filing.

The group comprises Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust (Trustee: Shobha Gangwal and JP Morgan Trust Company of Delaware).

The EGM would vote on changes in the articles of association (AoA). Generally, an AoA provides the regulations for operating a company.

InterGlobe Aviation shares rose by over 2 per cent on Friday after the company announced convening a meeting of shareholders on January 29, at the request of co-promoter Rakesh Gangwal, for removing various provisions in a key document of the company.

The scrip gained 2.10 per cent to close at Rs 1,360.95 on the BSE. During the day, it jumped 3.68 per cent to Rs 1,382.

At the NSE, the scrip rose by 2.14 per cent to close at Rs 1,360.95.

first published:January 03, 2020, 15:34 IST