Swiggy's Indian-controlled status push stalls as shareholder vote falls short of 75% threshold
Special resolution to amend Swiggy's AoA—a key step toward Indian Owned and Controlled Company status under FEMA—secured 72.36% approval, missing the 75% bar. The setback blocks proposed director appointments slated for June 2026, even as Q4 revenue hit Rs 6,383 crore (+44.7% YoY) with losses narrowing 26%.
Swiggy's special resolution to amend its AoA, a step toward Indian Owned and Controlled Company status under FEMA, failed with 72.36% approval versus the 75% threshold, blocking proposed director appointments effective June 2026.
Why this matters
Marks a rare investor revolt at Swiggy, with shareholders also blocking board rights expansion for founder Majety. The IOCC bid stall complicates FEMA-linked structuring even as financials improve.
Retail-company signals steady at 871 in the last 90 days.