New Delhi: Facing the prospect of real competition in the sky of India next year when Tatas start running Indian water, Indigo Parent companies Interglobe Aviation can finally see a long-standing feud between two promoters – Rahul Bhatia and Rakesh Gangwal – resolved.
Extraordinary General Meeting (EGM) has been summoned on their orders on December 30, to eliminate restrictions on shares by one promoter, which is currently impossible without the approval of the others.
Together, both resistant 74.4% of the company’s deposited equity stock capital.
In submission, the company said it “received a combined request” on November 25, 2021, “to delete the transfer of transfer restrictions from the Company’s Articles of Association”.
The articles that are searched for deleted need: “If there are members of RG (Rakesh Gangwal) Group or IgE (Rahul Bhatia) propose to transfer their equity shares to third parties, other groups must have the right to the soles.
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“Other articles say that if one group transfers shares other than in the stock exchange, it must first notify another group about the same thing and reveal the proposed identity of the buyer.
Other parties, according to the articles sought, must have the option such as the first rejection right to buy and ask the purchase to take the same number of shares of the two groups.
Gangwal and Bhatia groups have been in Loggerheads for more than four years now.
While in public the company maintains that disputes between promoters do not affect their work, this industry wants the fight to end when the duo has created what in the pre-pandemic period is the only airline that benefits India.
During Covid, Indigo has also flown with dark red.
Indigo flew almost six in every 10 domestic passengers, and also emerged as the biggest single airline in terms of passengers flying in and out of India.
For the first time in almost a decade of the airline, which began flying in August 2006, facing the prospect of real competition with Groupling from Air India and AI Express next month.
Will the problem be resolved it will be known at the end of the year.