Creating liberating content

Naturepedic expands leadership team...

Chagrin Falls, Ohio – Coming off double-digit sales growth last year, Naturepedic is...

Rugs USA partners with...

Cranbury, N.J. — Rugs USA has partnered with designer Arvin Olano to add...

Baldwin TexCoat™ G4 Teknolojisine...

Baldwin TexCoat™ G4 Teknolojisine Sahip Monforts Montex Denemeler İçin Hazır13/02/2025/BOYA BASKI TERBİYE, ETEXTILEMAGAZINEMonforts,...

Asteks 2025 Yılında İhracat...

Asteks 2025 Yılında İhracat Pazarlarında Değerini ve Gücünü Daha da Artırmaya Odaklanıyor13/02/2025/ELYAF &...
Home News Gokaldas Exports Shareholders Reject Key ESOP Resolutions

Gokaldas Exports Shareholders Reject Key ESOP Resolutions

0
Gokaldas Exports Shareholders Reject Key ESOP Resolutions

Shareholders of Gokaldas Exports (GEL) have voted against four special resolutions concerning the company’s employee stock ownership plans (ESOPs), including a proposal to grant stock options exceeding 1% of equity to managing director Sivaramakrishnan Ganapathi. Despite 63% of participating shareholders supporting the resolutions, the required threshold for passage was not met, as at least three times more votes in favour than against were needed.

The proposed resolutions included the GEL Employee Stock Option Plan 2024 (ESOP 2024), which aimed to issue up to 2 million options, extend ESOP benefits to subsidiary employees, and increase limits for loans and investments under Section 186 of the Companies Act, 2013, up to ₹1,000 crore beyond regulatory thresholds.

Mumbai-based advisory firm Institutional Investor Advisory Services (IiAS) recommended against the ESOP-related resolutions, arguing that such plans should benefit a broader base of employees rather than just senior management. They emphasized that ESOPs should motivate and reward a wider pool of employees.

Mathew Cyriac, Chairman of Gokaldas Exports, stated that the proposed resolutions were intended to strengthen the management team and align with the company’s growth objectives. He highlighted the importance of ESOPs in attracting and retaining talent as Gokaldas prepares for rapid growth and enhanced shareholder returns.