OYO’s latest postal ballot for “Bonus CCPS” is being seen as one of the most unethical and manipulative corporate moves in recent times. The plan, led by Ritesh Agarwal, appears designed to mislead retail shareholders while rewarding insiders like SoftBank.
Investors were given two options, but the structure was heavily one-sided. The default choice, for those who missed or couldn’t understand a 50+ page email within just three days, offered only one bonus share for every 6,000 shares held. However, the alternative — hidden under complex steps involving Annexure B, a self-attested PAN, and CML upload within the same tight deadline — offered 1,109 bonus shares for every 6,000.
The outcome is predictable: 99% of retail investors would fail to meet the impossible process, while promoters easily claim the higher allotment. The result is an 18.5% free equity shift to insiders, achieved legally but unethically. A small shareholder gets roughly ₹1,300, while Ritesh and team secure over ₹14 lakh for the same holding.
This maneuver sets a dangerous example — that governance can be bypassed through complex paperwork. SEBI and the government’s silence only worsens investor distrust.
