Bengaluru court bars Swiggy from creating third party rights on ESOPs of former Assistant VP

A Bengaluru court has temporarily restrained food delivery startup Swiggy from creating any third party rights or charges on 200 odd employee stock options (ESOP) held by a former Assistant Vice President who was terminated by the firm earlier this year.

On November 7, the Bengaluru city civil and sessions judge passed the interim injunction order on a suit filed by Arun Cyril, a former employee of Swiggy, who has challenged his termination and consequent annulment of ESOPs by the company.

“Defendant number 1 company (Swiggy) including its directors are restrained way of temporary injunction from creating any charge, inter alienate 185.454 vested and unexercised stock options and exercised stock options of plaintiff, till next date of hearing,” the Court said while adjourning further hearing on Cyril’s suit to November 29.

Cyril, who worked with Swiggy between 2015 and 2024, filed the suit challenging his termination.

As per his plea, he was unlawfully terminated and his stock options were annulled.

Senior Advocate Nalina Mayegowda assisted by advocate Anusha B Reddy appeared for Cyril.

[Read Order]