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SqueakyCoconut
SqueakyCoconut
Porter

<Rant on Bewakoof.com> Employees got nothing for their ESOPs

So Bewakoof got acquired by Aditya Birla group and sent a mail to employees that their ESOPs are now worthless “as determined by the board.” I mean, I know what they’re doing is completely legal, they must have covered themselves with escape clauses, but how are founders okay with this? They basically ripped off and wiped off the wealth of the very employees that worked for them for years. Shameful, man! Never buying from this shit company again. Not that it will matter, but won’t give a penny to this hideous organization.

24mo ago
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FloatingLlama
FloatingLlama
Google24mo

IMHO, the innocent employees are defrauded.

PrancingNarwhal
PrancingNarwhal
Myntra24mo

Atleast they are standing true to their name. Kya bewakoof banaya!

QuirkyBoba
QuirkyBoba
Porter24mo

That’s sad

ZestyDumpling
ZestyDumpling
Ubisoft24mo

What is ESOP?

GoofyNugget
GoofyNugget
Uber24mo

Stocks of private company

ZestyDumpling
ZestyDumpling
Ubisoft24mo

Thank you.

JumpyTaco
JumpyTaco
Electronic Arts24mo

I don’t think it is legal that they can scrap granted espos by just mentioning a clause in takeover if employee has exercised them.

Especially because stock options are exercised by employees by giving money to company. Unless company declares bankcruptcy the face value of those stock options is intact.

This will be like running away with money thus, fraud

SqueakyCoconut
SqueakyCoconut
Porter24mo

Most employees don’t exercise the options until they leave the company to delay the tax liability or to compensate the tax liability by adjusting the number of options that they get.

JumpyTaco
JumpyTaco
Electronic Arts24mo

Yeah if not exercised then they might take it back saying its company’s discretion. Still I doubt that it is legal

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