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Notes to financial statements
for the year ended March 31, 2020
33(b) employee stock Purchase scheme 2019 (esPs):
pursuant to the resolutions passed by the Board on July 30, 2019 and approved by Shareholders on August 3, 2019, Bank has adopted the eSpS. the eSpS has been framed in compliance with the provisions of the SeBI Regulations. the objective of the eSpS is inter-alia to reward the employees of the Bank 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, the Board is authorized 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 of the Bank and of the Holding Company, in accordance with the terms and conditions as may be decided. the nomination and Remuneration Committee has been entrusted with the responsibility of administering the eSpS and the said Committee of the Bank has pursuant to its resolution dated August 8, 2019 authorised the opening of the subscription of the eSpS for the eligible employees of the Bank and of the Holding Company at `35 per share and applicable perquisite tax. the eSpS Scheme was approved by the Shareholders in the extra-ordinary General Meeting held on August 03, 2019. under the eSpS 2019 scheme the employees of the Bank and of ujjivan Financial Services limited (uFSl) subscribed to 1,40,55,097 number of equity shares at a price of `35 per equity share. Further, under eSpS 2019 scheme, employees of the Bank and uFSl have the option to subscribe for equity shares under a monthly scheme where they open a recurring deposit and pay the complete subscription amount at the end of 12 months.
33(b)(1) the Scheme is issued in three phases timelines of which are detailed below:
34 the SARS-CoV-2 virus responsible for CoVID-19 continues to spread across the globe and India, which has contributed to a significant decline and volatility in global and Indian financial markets and a significant decrease in global and local economic activities. on March 11, 2020, the CoVID-19 outbreak was declared a global pandemic by the World Health organization. numerous governments and companies, including the Bank, have introduced a variety of measures to contain the spread of the virus. on March 24, 2020, the Indian government announced a strict 21-day lockdown which was further extended by 46 days till May 31, 2020 across the country to contain the spread of the virus. the extent to which the CoVID-19 pandemic will impact the Bank's results will depend on future developments, which are incapable of assessment at this point in time, including, among other things, any new information concerning the severity of the CoVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the Bank.
In accordance with the RBI guidelines relating to CoVID-19 Regulatory package dated March 27, 2020 and April 17, 2020, the Bank would be granting a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as Standard, even if overdue, as on February 29, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and provisioning norms).
Phase
Subscription End Date
I II III
09/09/2019 26/09/2019 16/10/2019
09/08/2019
10/09/2019
07/10/2019
33(b)(2) expense arising from share based payment transaction recognized in Statement of profit or loss as employee benefit expense are as follows:
(` in 000's)
expense on eSpS -
Particulars
year ended 31/03/2020
Year ended 31/03/2019
79,741
278 | AnnuAl RepoRt 2019-20
Subscription Start date