This also means that the rights of the shareholders will continue as before.
However, a cross-section of corporate lawyers that BusinessLine spoke to were of the opinion that this is unlikely to impact the airline’s operations.
The EGM had been called by Gangwal and others who collectively own 36.64 percent of the paid-up capital of IndiGo after a bitter fight broke out between Gangwal and Bhatia over governance issues.
The EGM had been called to amend the AoA, which place restrictions on the two co-promoters.
Says Tarun Bhatia, Managing Director, Kroll: “From that perspective (the disagreement between the two largest shareholders of the airline continuing), it is not in the interest of anyone...be it the lenders, minority shareholders or employees.”
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