New Delhi: The Extraordinary General Meeting (EGM) of InterGlobe Aviation, the parent company of low-cost airline IndiGo, was held on Thursday.
According to the news report, the airline’s chief executive officer Ronojoy Dutta assured shareholders that the company will emerge stronger after facing two turbulent years of uncertainty due to the COVID-19 pandemic.
Dutta, who was speaking at InterGlobe Aviation’s EGM, said that at this point of time, flight bookings have been affected due to the outbreak. omicron The Indian aviation industry is still showing strong signs of recovery and any dip in bookings is likely to be temporary.
IndiGo’s promoters – Rakesh Gangwal and Rahul Bhatia – had called the EGM to propose amendments to the company’s Association of Associations (AOA) that would resolve the conflict between the two.
Shareholders were required to vote on this at the EGM. The results of the EGM voting held on Thursday through videoconferencing will be uploaded within two working days. The EGM had earlier proposed the removal of certain clauses like right of refusal and tag-along before the AOA. These currents are a major point of friction between the Gangwal and the Bhatia.
If the proposal is accepted, it would put an end to the dispute between Bhatia and Gangwal, who collectively hold 74.44 per cent of the paid-up equity share capital and have been at loggerheads for more than two years.
IndiGo was founded in 2006 by Bhatia and Gangwal and they held around 99 per cent stake before its listing in 2013. As of March 31, 2021, Gangwal held 37 per cent stake in the company, while Bhatia held around 38 per cent.
Shares of InterGlobe Aviation closed at Rs 1,980.05, down 1.40 per cent (28.10 points) on the BSE on Thursday.
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