Swiggy shareholders fall short of 75% to be Indian owned
Business
Swiggy wanted to officially call itself an Indian-owned and controlled company, but its shareholders didn't give enough votes: only 72.36% said yes, just shy of the 75% needed.
The decision came after remote e-voting, so for now, Swiggy stays as is.
Swiggy vows to pursue FEMA compliance
The changes were meant to align Swiggy with Indian regulations (Foreign Exchange Management Act, or FEMA) and boost Indian ownership above 50%.
While the main proposal didn't pass, shareholders did welcome Renan De Castro Alves Pinto as a new board member with nearly unanimous support.
Swiggy says it still plans to work toward meeting these rules in the future.