The passage of special resolution at extraordinary general meeting held on Thursday is likely to pave the way for resolution of dispute, which has been going on since 2019, between the two promoters. The stock gained 1.91 per cent to settle at INR 2,016.15 on the BSE. During the day, it jumped 2.27 per cent to INR 2,023.55. On the NSE, it jumped 1.91 per cent to INR 2,017.55.
Bhatia and his related entities own around 38 per cent in InterGlobe Aviation, which is the holding company of IndiGo Airline. Gangwal and his related entities own around 37 per cent in this company. The feud between the two promoters came into public domain after Gangwal had written to market regulator Sebi in July 2019 and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group. In a notice to BSE, InterGlobe Aviation stated: “This is to inform you that the members of the company at the extraordinary general meeting held on December 30, 2021, have approved the special resolution for amendment to the AoA of the company by deletion of Articles 1.6 to 1.15 (Transfer of Equity Shares), 1.16 to 1.20 (Acquisition of Shares) and 2A (Other provisions on Equity Shares), with requisite majority.” Around 99.99 per cent shareholders voted in favour of the resolution, as per the notice.