Mumbai: Fintech founder Mohit Gang has accused hospitality chain OYO Rooms of attempting a “daylight heist” as retail investors are being scammed through a postal ballot that would issue bonus Compulsorily Convertible Preference Shares.

In a post on X, Gang said that OYO’s postal ballot on October 27 proposed three measures: increasing authorised capital, issuing bonus CCPS, and granting sweat equity.

He claimed that a scam lay behind the second measure of issuing bonus CCPS, as the three-day response window was intended to lead retail shareholders to overlook the notice, resulting in them receiving lower-value Class A CCPS that convert one-for-one into equity.

In contrast, insiders, promoters and institutional investors opting for Class B could benefit from more favourable conversion

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