Swiggy misses shareholder approval to meet Indian ownership rules
Business
Swiggy tried to tweak its rules to give founders and top management more say on its board, aiming to meet Indian ownership rules.
But shareholders didn't quite get on board; only 72.36% approved, just missing the 75% needed.
Swiggy proposed temporary CEO pick
The changes would have let CEO Sriharsha Majety pick a senior leader for the board and kept some rights for co-founder Phani Kishan Addepalli, but these were temporary and didn't give them extra control.
Swiggy said it would continue engaging constructively with shareholders to address concerns and work toward a 'positive outcome.'