Indigo Shareholders Reject Change To Share Transfer Norm

In blow to Gangwal, resolution on right of first refusal on equity sale voted out

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In the latest round of the ongoing duel between IndiGo co-founders, Rahul Bhatia and Rakesh Gangwal (RG), the former has emerged as the winner.

The airline’s shareholders on Wednesday voted overwhelmingly against a special resolution proposed by Mr. Gangwal which would deny his rival the right of first refusal in case of an equity sale.

In a BSE filing after the meeting, InterGlobe Aviation Ltd. (IGAL) informed the resolution was defeated as the votes cast against it were more than three times than those cast in favour.