Swatick Majumdar
About Swatick Majumdar
Independent director (Class I) with term through the 2027 Annual Meeting; board service since August 2023. Seasoned investment banker and venture capitalist focused on US‑India transactions; currently Managing Director at Chatsworth Securities, LLC. Holds double master’s degrees in Applied Economics (University of Lucknow) and Computer & Management Information Systems (University of Central Texas) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Digital Entertainment Venture (NY VC fund) | Venture Partner | Jul 2013 – Dec 2021 | Growth-stage investing and advisory |
| Riverhead Sports Management | Owner-operator | Nov 2002 – Dec 2005 | Operating leadership |
| Rental Uncle (India) Pvt. Ltd. | Board Advisor | Jan 2017 – Mar 2019 | Advisory to marketplace startup |
External Roles
| Organization | Role | Tenure/Status | Focus/Notes |
|---|---|---|---|
| Chatsworth Securities, LLC | Managing Director | Current | US‑India investment banking across Mobility/Tech/TMT/Renewables |
| Easy Energy Systems | Board Advisor | Since Jan 2020 | Renewable energy, waste-to-energy initiatives |
| Survive and Thrive Today | Co‑founder | Current | Startup bootcamp and media company |
| Global Path Capital | President | Since Aug 2009 | Global advisory/capital roles |
Board Governance
- Independence: Board determined Majumdar is independent under OTCQX rules (and previously under Nasdaq standards for committee service) .
- Committee assignments: Audit Committee member; Nominating & Corporate Governance Committee chair .
- Board class/tenure: Class I director; term expires at the 2027 Annual Meeting .
- Chair of the Board: Uri Levine became Chairman on March 31, 2025, indicating independent oversight dynamics; Majumdar chairs Nominating during this period .
- Shareholder support: Elected as Class I director on Oct 8, 2024 (FOR 29,270,243; WITHHELD 4,528,054; broker non‑votes 4,037,958), evidencing majority support .
- Attendance: Not disclosed in filings reviewed.
Fixed Compensation
| Component | FY ended Mar 31, 2025 | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 81,000 | Includes board/committee cash retainers/fees (breakdown not disclosed) |
| RSU Awards ($) | 5,154 | Fair value per RSU $2.92; grant specifics not detailed |
| Total ($) | 86,154 |
Performance Compensation
| Item | Disclosed Details |
|---|---|
| Performance metrics tied to director compensation | Not disclosed in reviewed filings |
| Options/PSUs for director service | None disclosed for Majumdar (director equity shown as RSUs) |
Other Directorships & Interlocks
- Public company directorships: None disclosed for Majumdar; roles listed are advisory/private or investment banking .
- Board interlocks: John Clarke designated by Aegis Capital (placement agent) to the Board; Majumdar’s investment banking background and his assistance in Zoomcar capital raises may increase perceived conflicts, mitigated by related‑party policies and Audit Committee review .
Expertise & Qualifications
- Capital raising and growth-stage advisory across US‑India corridor; sector expertise in Mobility/Technology/TMT/Renewables .
- Double master’s degrees (Applied Economics; Computer & MIS) underpin financial/technical literacy relevant to Audit/Nominating roles .
- Assisted in Zoomcar capital raise, indicating domain knowledge and network leverage .
Equity Ownership
| As of Record Date | Shares/Derivative | Status | Ownership % |
|---|---|---|---|
| Dec 30, 2024 | 908 shares via outstanding warrants | Beneficial ownership reported; warrants exercisable within 60 days count toward total | <1% |
- Vested vs unvested breakdown: Not disclosed.
- Pledging/hedging: Not disclosed.
- Ownership guidelines: Not disclosed.
Governance Assessment
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Strengths:
- Independent director; chairs Nominating & Corporate Governance—direct influence over board composition/evaluations and governance standards .
- Audit Committee membership adds oversight on financial reporting, related‑party review, and auditor matters; Audit engaged new auditor for FY26 (Bansal & Co LLP) via Audit Committee action .
- Shareholder mandate reaffirmed via strong election support in Oct 2024 .
- Company maintains insider trading, code of ethics, and compensation recovery/clawback policies, supporting governance hygiene .
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Risks/RED FLAGS (context for oversight, not specific misconduct by Majumdar):
- Extraordinary dilution risk from multiple warrant financings and reset/anti‑dilution features; heavy issuance capacity approved—requires vigilant board oversight of investor protections and fairness .
- Legal/lender disputes (e.g., ACM judgment; lender defaults/restructurings) heighten need for robust Audit/Nominating committee oversight and independent judgment .
- Cybersecurity incident (June 2025) with 8.4M users’ personal data accessed—ongoing remediation and risk governance required .
- Going concern and capital needs disclosed; strategic financing decisions may intersect with Majumdar’s banking networks—potential perception of conflicts mitigated by Audit Committee related‑party review policy .
-
Director compensation/ownership alignment:
- Modest RSU component vs cash; beneficial ownership is de minimis (<1%), suggesting limited direct equity alignment; however, committee leadership responsibilities support governance contribution .
Overall, Majumdar’s independence, committee leadership (Nominating chair, Audit member), and capital markets expertise are governance positives amid a challenging financing/legal environment. Continued transparency on any advisory/banking relationships and rigorous application of the related‑party policy by the Audit Committee are critical to investor confidence .