Swiggy fails to secure shareholder approval for board rule changes
Business
Swiggy tried to update its company rules to give founders and top managers more say on the board, but the plan didn't get enough shareholder support, falling just short at 72.36% (they needed 75%).
The vote happened on May 27, so for now, things stay as they are.
Swiggy IOCC bid falters, talks continue
These updates were part of Swiggy's effort to qualify as an Indian Owned and Controlled Company (IOCC), which is important under Indian law.
Even though this round didn't work out, Swiggy says it's still focused on strong governance and will keep talking with shareholders to address their concerns.
Fun fact: despite all this, Swiggy's shares actually went up 6.5% that day!