Clarification regarding the proposed amendments to the Articles of Association
SWIGGY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Swiggy's special resolution to amend its Articles of Association failed to pass, receiving 72.36% shareholder approval against the required 75% threshold — falling short by 2.64%. The amendments were intended to grant board nomination rights to the Group CEO and Co-founder (Mr. Sriharsha Majety) and the Co-founder (Mr. Phani Kishan Addepalli), structured around their continued employment and vested ESOPs. The stated rationale was to support Swiggy's goal of qualifying as an Indian Owned and Controlled Company (IOCC) under foreign exchange regulations, given it has no identifiable promoter group. The company says it will continue engaging constructively with shareholders to address concerns and work toward a positive outcome.
The failed vote delays Swiggy's IOCC classification objective and limits the founders' board representation mechanism, but the company remains committed to finding a shareholder-aligned path forward.