Zomato Limited, a leading food delivery and restaurant aggregator, has announced the successful approval of two significant resolutions by its shareholders through a postal ballot. This comes as part of Zomato’s continuous effort to incentivize its employees and those of its subsidiaries.
In a statement issued on July 1, 2024, Zomato informed the BSE Limited and the National Stock Exchange of India Limited about the scrutinizer’s report, which detailed the results of the postal ballot concluded on June 29, 2024.
The scrutinizer, Nitesh Latwal, a partner at M/s Pl & Associates, confirmed that both special resolutions were passed with the requisite majority.
Key Approvals:
- Zomato Employee Stock Option Plan 2024 (ESOP 2024):
- Purpose: Grant of employee stock options to Zomato’s employees.
- Approval Rate: 75.48% votes in favor.
- Zomato Subsidiaries Employee Stock Option Plan 2024:
- Purpose: Grant of employee stock options to employees of Zomato’s subsidiaries.
- Approval Rate: 75.48% votes in favor.
The remote e-voting was conducted between May 31, 2024, and June 29, 2024, facilitated by Link Intime India Private Limited.
The detailed voting results, as provided in the scrutinizer’s report, showed a substantial participation rate among the shareholders.
Voting Summary:
- Total Shares Voted: 6,72,64,30,453 (77.33% of outstanding shares).
- Votes in Favor: 5,07,72,40,418 (75.48%).
- Votes Against: 1,64,91,90,035 (24.52%).
Zomato’s shareholders’ strong endorsement of the ESOP 2024 underscores their belief in the company’s long-term growth potential and its strategy to align employee incentives with business performance.
The resolutions’ approval marks a significant step in Zomato’s ongoing efforts to enhance corporate governance and foster a culture of ownership among its employees.
