Institutional shareholders vote against logistics firm Delhivery's ESOP

Majority say no to the plan; new-age companies have faced similar hurdles

Recently-listed logistics firm Delhivery faced institutional shareholders’ ire as majority of them rejected the company’s employee stock ownership plan (ESOP).

The company had put to vote nine items for shareholder approval. These include Delhivery Employees Stock Option Plan 2012, Delhivery Employees Stock Option Plan II 2020, Delhivery Employees Stock Option Plan III 2020 and Delhivery Employees Stock Option Plan IV 2021 and related schemes, as well as Article of Associations.

According to the Securities and Exchange Board of India (Sebi) (Share Based Employee Benefits) Regulations 2014 (‘Sebi SBEB Regulations’), no company will make any fresh grant, which involves allotment or