Swiggy's change to Articles of Association for CEO nominations fails
Business
Swiggy wanted to update its Articles of Association so the CEO could nominate two top managers, co-founder Phani Kishan Addepalli and CFO Rahul Bothra, to join the board.
Even though 72.36% of shareholders said yes, it fell short of the 75% needed, so the changes didn't go through.
Swiggy says change seeks IOCC qualification
Swiggy explained that the move was about better oversight and keeping leadership steady, not handing more power to founders.
They also promised all nominations would face committee review, board approval, and shareholder consent.
This proposal was part of Swiggy's effort to qualify as an Indian-owned and controlled company (IOCC), which needs over 50% resident Indian shareholding plus extra regulatory checks.