People familiar with the situation say that the Extraordinary General Meeting (EGM) of InterGlobe Aviation, which operates the country's largest airline IndiGo NSE -0.10 per cent, on December 30 would likely signify a truce for the company's feuding founder-promoters, Rakesh Gangwal and Rahul Bhatia. Since 2019, Gangwal and Bhatia have been at odds over many sections in the company's Articles of Association (AoA).
The EGM was convened to alter the AoA, which states that if one promoter decides to sell his shares, the other promoter has the right of first refusal to acquire them. In addition, every selling of shares to a third party requires the agreement of the company's promoters. At InterGlobe's EGM last year, shareholders rejected a similar proposal put forward by Gangwal. " This time is different since the EGM was convened at the request of both founders.
