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High drama at IndiGo EGM as shareholders question Gangwal’s absence

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NEW DELHI :
There was a lot of drama at the extraordinary general meeting of InterGlobe Aviation Ltd, which runs India’s largest airline IndiGo, as shareholders were furious at the absence of co-promoter Rakesh Gangwal, who had called the meeting.

“The resolution does not provide clarity on whether Gangwal wants to sell his stake or not. Also, he called the EGM but was himself absent,” Jasmeet Singh, a shareholder present at the meeting, told Mint.

Gangwal had called the shareholders meeting to get their approval for amending the articles of association, particularly the right of first refusal for Gangwal’s entities or the other co-promoter Rahul Bhatia’s IGE Group over sale of shares by one of the promoters.

The resolution for the amendment prompted fears that Gangwal was considering selling part of the entire stake held by his group.

With Gangwal absent at the meeting, shareholders were extremely upset and created a ruckus near the stage, prompting Chairman M. Damodaran to call security guards to control the situation.

“The fight between the promoters has led to a fall in share prices which is affecting our returns, and Bhatia did not even say anything to calm nerves,” one of the minority shareholders told Mint, on condition of anonymity.

Gangwal and Bhatia have been in a verbal tussle since the middle of last year over issues ranging from shareholder rights like the selection and appointment of IndiGo’s chairman and key management personnel that are enjoyed and allegedly misused by Bhatia, the absence of a woman director to alleged related-party transactions between IndiGo and companies affiliated to Bhatia’s IGE Group.

The results of the shareholders’ votes at the extraordinary general meeting is expected in the next two days.

At 12.49 pm, shares of InterGlobe Aviation were up 0.8% at 1,465.80 on the National Stock Exchange.

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