InterGlobe Aviation has again called for an extraordinary general meeting (EGM) in December end to amend articles of association which among other things, says its two promoters need the approval of each other for any sale of shares to a third party.
InterGlobe Aviation operates the country’s biggest airline, IndiGo. The company’s shareholders had rejected a similar proposal at an EGM last year, called at the behest of one of the founders, Rakesh Gangwal.
Gangwal and his partner Rahul Bhatia have been locked in a bitter feud over several clauses in the articles of association drawn up at the time of IndiGo’s inception and which was later amended. Articles 1.6 to 1.15 deal with the transfer of equity shares. The legal feud between the two founder promoters of IndiGo started on July 8, 2019 when Gangwal wrote to stock market regulator SEBI the Prime Minister’s office and the finance ministry among others, seeking intervention on various corporate governance issues and the Bhartia Group’s control on the airline.