HC rejects IndiGo co-promoter Gangwal's plea on directive to call for EGM

Sources said partner Rahul Bhatia may challenge London Court of Arbitration's order which instructs to relax provision of share transfer by promoters

IndiGo co-promoter Rakesh Gangwal’s petition seeking a direction to his partner Rahul Bhatia and his firm Interglobe Enterprises to conduct an Extra Ordinary General Meeting was disposed of by the Delhi High Court on Friday.

Gangwal’s petition was in reference to the ruling by London Court of Arbitration that the company’s Article of Association be amended to scrap a provision that gives the right of first refusal to both the promoters over each other’s shares in the company.

The court said that the arbitration order itself has allowed 90 days to implement the directions and pass any directions now as