IndiGo is India’s largest airline, have called an extraordinary general meeting (EGM) on December 30 to scrap a clause in the company’s articles of association (AoA), which gives them the right of first refusal (RoFR) over the acquisition of each other’s shares.

Removal of the clause will allow either side to sell or transfer shares to a third entity without giving each other notice.

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On 6 December, IndiGo informed the stock exchange that it had received a joint requisition from co-founders Rahul Bhatia of InterGlobe Enterprises and Rakesh Gangwal and his family for removing transfer restriction articles from the AoA. Together, the two promoters own a 74.44 per cent stake in the airline.

The call for the EGM follows a London Court of International Arbitration’s September order which directed an amendment to the AoA to scrap the clause regarding RoFR. The London court had granted the parties 90 days to implement the order.