BENGALURU: Swiggy shareholders have voted against proposed changes to the company's Articles of Association, preventing the planned appointments of CFO Rahul Bothra and cofounder Phani Kishan Addepalli to the board. The special resolution received 72.4% shareholder support, falling short of the 75% threshold required for approval, according to an exchange filing on Thursday.
Swiggy said the proposed appointments of additional executive, non-independent directors were contingent on approval of the Articles of Association amendments. Following the outcome of the postal ballot, the appointments "will accordingly not take effect on June 1, 2026," the company said.
The company had earlier told investors that the proposed amendments formed part of a broader effort to eventually become an "Indian Owned and Controlled Company" (IOCC) under foreign exchange regulations.
