India, May 25 -- In October last year, Swiggy CEO Sriharsha Majety called Instamart's shift to an inventory-led model an eventuality.

That conviction, it seems, has hit a hurdle.

Shareholders rejected the special resolution that sought to amend Swiggy's Articles of Association (AoA) and become an Indian-Owned and Controlled Company (IOCC). The proposal secured around 72% votes in favor, falling short of the 75% threshold needed to pass the special resolution.

At a cursory glance, this could be seen as a routine setback. But in reality, this is the first time Swiggy's has faced such a challenge.

The amendment was not the only item on the agenda. One could argue that the inclusion of a revised board structure along with the AoA amendmen...