Interglobe Aviation, the parent firm of IndiGo airline, has issued a notice to shareholders for an extraordinary general meeting (EGM) on December 30.
The EGM has been requisitioned jointly by entities owned by promoters Rakesh Gangwal and Rahul Bhatia.
The meeting has been sought to amend Articles of Association and remove restrictions on transfer of promoter shares.
"The board recommends this resolution for approval by the members of the company as a special resolution," Interglobe said in a regulatory filing.
The entities who have called for an EGM collectively hold 74.44 percent of the paid-up equity share capital of the company, it added.
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The call for EGM comes amid a feud between Gangwal and Bhatia, which reached the Delhi High Court in October. The two parties had earlier contested against each others' claims at the London Court of International Arbitration (LCIA).
According to InterGlobe, neither promoter had won the arbitration award from LCIA, as it had favoured and gone against both of them in parts.
The company had said in a BSE filing: “The award has issued directions to each of the RG Group (Gangwal) and the IGE Group (Bhatia) in relation to the relief sought by them against each other. The award also directs the reimbursement of the costs incurred by the company in relation to the arbitration by the IGE group.”
Bhatia and Gangwal fell out early in 2019, after the latter approached market regulator Sebi, the Finance Ministry, and the Prime Minister’s Office seeking intervention on multiple corporate governance issues and the Bhatia’s Group’s sway over the airline.
The fight has been bitter and long-drawn, with no sign of thaw or truce.
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