Swiggy shareholders block board rights expansion for founder Majety in rare investor revolt
Special resolution to widen founder Sriharsha Majety's board nomination rights fell short, securing just 72.36% versus the 75% threshold. Proxy advisers and global institutions including Prosus-linked holders pushed back amid widening losses and a 45% share price slide since listing.
What happened
Swiggy shareholders rejected an AoA amendment that would have expanded founder Majety's board nomination rights, with only 72.36% support against the 75%
Key facts
- 27.64% rejected
- 72.36% support
- 75% threshold
- Accel 2.77%
- SoftBank 6.26%
- Prosus 21.06%
- Majety 5.27%
- shares -45%
Why this matters
A blocked board-rights expansion at Swiggy weakens founder leverage in any future M&A or capital raise, opening a window for strategic partners to negotiate stronger governance terms.
Also reported by
- Mint — Same time