Overview
- Swiggy sought shareholder approval in a postal ballot that closed on May 20 and disclosed on May 21–22, but the special resolution to amend its Articles of Association received 72.36% support against the 75% needed.
- A separate resolution to appoint Renan De Castro Alves Pinto as a non‑executive, non‑independent nominee director passed with about 98.98% support.
- The AoA change was designed to help Swiggy qualify as an Indian‑Owned‑and‑Controlled Company under FEMA rules, which require both ownership and effective board control to rest with resident Indian citizens or eligible Indian entities.
- With the AoA amendment stalled, Swiggy’s planned move to an inventory‑ownership model for Instamart is effectively delayed and the company says it will continue to engage shareholders to seek a path forward.
- Swiggy reported improving Q4 FY26 results—net loss narrowed to ₹800 crore and revenue rose to ₹6,383 crore—and its shares fell about 2.3% on the vote, highlighting the financial and operational stakes behind the governance change.