IndiGo parent company calls EGM on December 30

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IndiGo parent company calls EGM on December 30
© Provided by CNBCTV18

IndiGo airline’s holding company InterGlobe Aviation on Monday scheduled an extraordinary general meeting (EGM) on December 30.

Interglobe sent a notice to its shareholders in this regard. The EGM was called for by entities owned by Indigo’s promoters, Rakesh Gangwal and Rahul Bhatia, in an effort to amend Articles of Association and remove restrictions on transfer of promoter shares.

“The board recommends this resolution for approval by the members of the company as a special resolution,” InterGlobe said in a regulatory filing.

The two entities hold 74.44 percent of the paid-up equity share capital of the company, it added.

The EGM is scheduled in the midst of a bitter feud between Gangwal and Bhatia. The dispute turned legal and reached Delhi High Court in October. Earlier, both parties had battled against each others’ claims at the London Court of International Arbitration (LCIA).

Also read: InterGlobe Aviation in focus, here’s why

As per to InterGlobe, neither Gangwal nor Bhatia had won the arbitration award from LCIA.

In a BSE filing, the company said, “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.”

Bhatia and Gangwal had a bitter falling out early in 2019 after the latter approached the Securities and Exchange Board of India (SEBI), as well as the Union finance ministry and the Prime Minister’s office, seeking their intervention over multiple issues related to corporate governance and the Bhatia’s group’s dominance over the airline.

The fight has been bitter and long-drawn, with no sign of thaw or truce.

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