IndiGo shareholders reject co-founder’s plan to change rules on stock sales

Interglobe Aviation Ltd, the operator of India’s top airline IndiGo, said on Wednesday a majority of shareholders voted against a resolution seeking to ease some rules on the sale and purchase of shares by its main shareholders.

Rakesh Gangwal, who co-founded IndiGo with Rahul Bhatia, had sought to delete certain rules in the company’s articles of association that give Bhatia the right of first refusal should Gangwal choose to sell his shares.

The co-founders have been involved in a bitter spat that stemmed from allegations of corporate governance violations.