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employee Benefits) Regulations, 2014, Companies Act, 2013 and rules made thereunder and relevant guidance notes and accounting standards.
The objective of the ESPS 2019 is inter-alia to reward the eligible employees of the Bank and its holding company for their association and performance as well as to motivate them to contribute to the growth and profitability of the Bank.
Pursuant to the ESPS 2019, the Board is authorised to issue up to 72,001,840 fully paid up equity shares of face value of `10 each with pari-passu voting rights, to the eligible employees (as defined under the ESPS 2019), in accordance with the terms and conditions as may be decided.
The ESPS 2019 was implemented under two schemes, upfront Scheme and Monthly Scheme. under the upfront Scheme the employees made upfront payment to purchase the equity shares and equity shares were allotted to them while under the
Monthly Scheme, the employees opened a monthly recurring deposit and the equity shares would be allotted to such employees at the end of the 12 months subject to the fulfillment of terms and conditions of subscription.
The Nomination and Remuneration Committee has been entrusted with the responsibility of administering the ESPS 2019. The Nomination and Remuneration Committee of the Bank, pursuant to its resolutions dated August 08, 2019 authorised the opening of the subscription of equity shares under Phase 1 and Phase 2 of the ESPS 2019 for eligible employees as defined under the eSpS 2019.
Further, the Nomination and Remuneration Committee, pursuant to its resolution dated October 06, 2019, authorised the opening of the subscription of equity shares under phase 3 of the eSpS 2019 for eligible employees as defined under the eSpS 2019 in respect of the unsubscribed portion of equity shares left after Phase 1 and Phase 2.
As on March 31, 2020, 14,055,097 equity shares have been allotted pursuant to the eSpS 2019 under upfront scheme.
Particulars
Details
total number of equity shares allotted under eSpS 2019 under upfront scheme
total number of equity shares subscribed under the monthly scheme, to be allotted at the end of the 12-month period
(subject to fulfilment of the terms and conditions of such subscription)
the total number of equity Shares arising as a result of eSpS 2019
Employee-wise details of the Equity Shares that were issued to Key Managerial Personnel:
Any other employee who received a grant in any one year of options amounting to 5% or more of the options granted during the year
Identified employees who were granted options
during any one year equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Bank at the time of grant
14,055,097
As on March 31, 2020, 3,247,467 equity shares have been earmarked for subscription under the ESPS monthly scheme subject to fulfilment of the terms and conditions of subscription.
17,302,564 equity shares as on March 31, 2020 assuming full subscription of equity shares earmarked under monthly scheme of eSpS 2019 being allotted.
Name of KMP
Mr. Nitin Chugh
Mr. Samit Kumar Ghosh*
Ms. Upma Goel
Mr. Chanchal Kumar
Nil
Nil
Shares issued
Nil
2,690,000
104,355
14,252
*Mr. Samit Kumar Ghosh retired as the Managing Director and Ceo of the Bank on november 30, 2019.
the disclosures as required under Regulation 14 of SeBI (Share Based employee Benefits) Regulations, 2014 read with Circular CIR/CFD/polICY Cell/2/2015 dated June 16, 2015 issued by the SeBI are available on the website of the Bank at https://www.ujjivansfb.in.
148 | AnnuAl RepoRt 2019-20