New Delhi

Quickcommerce services provider Swiggy has failed to secure the necessary per cent of shareholders’ approval to alter its Articles of Association, in order to qualify as an Indian-owned and controlled company, according to an exchange filing.

The postal ballot on the proposed amendment received 72.36 per cent of votes from shareholders, missing the required threshold by 2.65 per cent, the company said.

Postal ballot also sought approval for appointment of Renan De Castro Alves Pinto as a Non-Executive, Non-Independent Nominee Director which was passed with a majority vote of 98.98 per cent, the filing said. “The proposed amendment reflects our long-term commitment to ensuring management representation on the Board and advancing our transition toward becoming an Indian Owned and Controlled Company (IOCC) under applicable Indian foreign exchange laws and regulations. These remain enduring priorities for us,” a spokesperson for the company said.

The amendment sought changes to the board nomination framework to make it an Indian Owned and Controlled Company under applicable Indian foreign exchange laws and regulations, as and when the resident shareholding in the company increases beyond 50 per cent with regulatory and shareholder approvals, the company said. FEMA rules stipulate that a company can qualify as Indian-owned and controlled only if both ownership and control rest with resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control over the board.