Food and grocery delivery company Swiggy said Wednesday that the proposed changes to its articles of association, which were voted down by shareholders, were aimed at strengthening governance and advancing its long-term goal of qualifying as an Indian Owned and Controlled Company (IOCC), rather than concentrating founder power.
In an exchange filing, the company said the proposed amendments were designed to create a governance structure suited to a company without an identifiable promoter group, while ensuring continuity in management oversight and execution accountability.
