NEW DELHI — Swiggy failed to secure enough shareholder support to amend its Articles of Association as part of a move to qualify as an Indian-owned and controlled company, according to an exchange filing.
The quick-commerce and food-delivery company said the postal ballot on the proposed amendment received 72.36% of shareholder votes, falling short of the required threshold by 2.65 percentage points.
The postal ballot also sought approval for the appointment of Renan De Castro Alves Pinto as a non-executive, non-independent nominee director. That proposal passed with 98.98% of votes, according to the filing.
“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 Swiggy spokesperson said.
The proposed amendment would have changed the company’s board nomination framework to support its transition into an Indian-owned and controlled company under applicable Indian foreign exchange rules. The change would apply when resident shareholding in the company rises above 50%, subject to required regulatory and shareholder approvals, the company said.
Under current FEMA rules, a company can qualify as Indian-owned and controlled only if both ownership and control rest with resident Indian citizens or eligible Indian entities. That includes board composition and nomination rights that support domestic control over the board.
Earlier this month, Swiggy reported that its full-year FY26 loss widened to Rs 4,154 crore from Rs 3,117 crore in the previous fiscal year.
The company, however, narrowed its net loss for the quarter ended March 31, 2026, to Rs 800 crore, compared with a loss of Rs 1,081 crore in the same period a year earlier.
Revenue from operations rose 45% year over year to Rs 6,383 crore in the fourth quarter of FY26, up from Rs 4,410 crore in the corresponding quarter of the previous fiscal year. (Source: IANS)
