InterGlobe Aviation, the company that operates India's largest domestic airline IndiGo is heading towards management turbulence as it approach for Extra-Ordinary General Meeting for amending Article of Association(AOA) of the company, which, among other things, say that if one promoter decides to sell his shares, the other has the right of first refusal to buy them. Also, its promoters need the approval of each other for any sale of shares to a third party.
The legal feud between the promoters began on July 8, 2019, when one of the promoters wrote to the Securities and Exchange Board of India (SEBI), the Prime Minister's Office and the finance ministry, seeking intervention on various corporate governance issues including Related Party Transactions allegedly unapproved by the board and audit committee.
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