India, May 14 -- Foodtech major Swiggy has kickstarted the process of becoming an Indian-owned and controlled company (IOCC). As part of this, the foodtech major has sought shareholder approval to amend its articles of association and rejig its board nomination framework.

In a clarification filed with the bourses, Swiggy said that the proposed framework is aimed at becoming an IOCC under the country's foreign exchange laws.

"The company wishes to clarify that the Proposed Amendment also forms part of a broader endeavour by the company to become an Indian Owned and Controlled Company (IOCC) under applicable Indian foreign exchange laws and regulations.," said the foodtech major.

Under current Foreign Exchange Management Act (FEMA) rules...