InterGlobe Aviation, the parent of the country's largest airline IndiGo, will convene a shareholders' meeting on December 30 to amend the company's Articles of Association (AoA) following a joint request from its promoters. The promoters -- Rahul Bhatia and Rakesh Gangwal -- together with their related entities and individuals own 77.4 per cent stake in InterGlobe Aviation. In a regulatory filing on Monday, the company said it will convene an Extraordinary General Meeting (EGM) on December 30 to amend the AoA to remove restrictions on transfer of shares by the promoters.
The EGM would discuss deleting various Articles pertaining to transfer and acquisition of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association.
IndiGo has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.
Rising interest rates may see customers postpone purchases.
The genesis of the arbitration lies in a bitter public battle that began in July when Rakesh Gangwal wrote to capital market regulator Sebi alleging lack of corporate governance in the company. He alleged that Rahul Bhatia, who holds controlling power of the company, had used it to execute questionable related-party transactions.
RBI, in its first bi-monthly monetary policy statement, left the short-term lending rate, or repo rate, unchanged at 8 per cent and the cash reserve ratio static at 4 per cent.
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