PRISM, the parent company of Oyo (formerly Oravel Stays), has withdrawn its controversial bonus share plan following strong criticism from investors over its complexity and eligibility conditions, according to a report by Moneycontrol on Monday.

The company stated that it will replace the earlier proposal with a new, simplified bonus issue that will cover all shareholders equally, without any opt-in process. Advertisement

Under the withdrawn plan -- listed as Resolution No. 2 in Oyo's postal ballot -- investors were to receive one bonus Compulsorily Convertible Preference Share (CCPS) for every 6,000 equity shares held. The structure was highly unusual, linking rewards to both shareholder action during a narrow election window and the progress of Oyo's long-pending IPO.

Those who did n

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