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The Economic Times
The Economic Times

Swiggy fails to clear shareholder hurdle in bid to recast itself as Indian-owned company

Swiggy said in an exchange filing on Thursday that it was unable to secure shareholder approval needed to amend its Articles of Association, a step required to help qualify it as an Indian-owned and controlled company (IOCC).

The food and grocery delivery company said its resolution to appoint cofounder Phani Kishan Addepalli and CFO Rahul Bothra to the board received 72.36% of shareholder votes, falling short of the required threshold by 2.65%.

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