Swiggy Limited has informed the Exchange about Clarification regarding the proposed amendments to the Articles of Association of Swiggy Limited
SWIGGY · price
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Swiggy has disclosed that its special resolution to amend the Articles of Association failed to pass, receiving only 72.36% shareholder approval against the required 75% threshold (shortfall of 2.64%). The amendments were intended to enable Swiggy to qualify as an Indian Owned and Controlled Company (IOCC) under foreign exchange regulations, given that the company has no identifiable promoter group. The proposed changes would have granted board nomination rights to the Group CEO and Co-founder, tied to continued employment and vested ESOPs, subject to NRC and Board approvals. The company states it will continue engaging constructively with shareholders to address concerns and achieve a positive outcome.
The failed vote delays Swiggy's IOCC classification objective, which is important for regulatory compliance and strategic positioning. The company needs to rebuild shareholder support above the 75% threshold, and the near-miss result suggests the proposed governance structure raised concerns among investors.