At the Annual General Meeting (AGM) on Tuesday, shareholders of the food and quick commerce delivery company Swiggy approved a proposal to convert the firm into an Indian Owned and Controlled Company (IOCC).
According to the company's report submitted on Tuesday, this decision sets the upper limit for aggregate foreign ownership at 49.5 percent.
Previously, in May, Swiggy's plans to transition to IOCC status faced a hurdle after shareholders rejected a key proposal to amend the company's Articles of Association (AoA).
The proposal from Tuesday was one of seven resolutions presented to shareholders at Swiggy's thirteenth Annual General Meeting (AGM). The foreign ownership restriction was classified as a special resolution and received support of 99.99 percent of votes.
This time, shareholders approved two separate special resolutions concerning the removal and amendment of certain Articles, receiving 99.98 percent and 93.97 percent of the votes, respectively.
The approved proposals include amendments to Swiggy's Articles that allow co-founders Sriharsha Majjetti and Fani Kishan Adepalli to appoint directors and retain the majority of seats on the board of directors. As of August 11, 2026, the company had 585,768 shareholders.
The company reported that all resolutions listed in the AGM notice were passed with the required majority. These also included the adoption of individual and consolidated financial statements for the fiscal year 26 and the reappointment of non-executive nominee director Ashutosh Sharma, who retired by rotation.