Overview
- PRISM formally pulled its postal-ballot Resolution No. 2 after investor and governance criticism of the plan’s complexity and eligibility rules.
- The scrapped structure granted one CCPS for every 6,000 equity shares with a default Class A conversion of 1:1 and an opt-in Class B conversion of 1:1,109 if IPO merchant bankers were appointed before March 2026.
- Earlier adjustments included extending the election window, dropping Client Master List submissions, and opening a help channel, while clarifying that only equity shareholders were eligible under the withdrawn plan.
- The company said it will bring a fresh, unified bonus proposal covering all shareholders with no application process, and reiterated a dilution cap of up to 5% on a fully diluted basis.
- Critics warned the IPO-linked trigger could advantage insiders who influence timing, leaving many retail investors defaulting into the far lower-yield option.