In a communication to L&T, the financial institutions on Thursday said they were withdrawing the nominations of Sinha and Deshmukh from the board with immediate effect.
The Larsen and Toubro employee stock option controversy is becoming a major face-off between the financial institutions and the construction major.
"We have written to all the companies in which we have nominee-directors, asking them not to give Esops," said LIC managing director D K Mehrotra. He said there were more than 100 companies in which LIC had nominee-directors.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
The days of free group healthcare could be over, it's time to fund your own medical policies.
Financial institutions are facing a Herculean task in convincing their nominee directors not to exercise the employee stock options granted to them
The move opens a debate on the role of independent directors nominated by institutions.
The Bombay high court has ruled that LIC has to honour claims made by lenders, that is banks, non-banking finance companies and financial institutions, if an LIC policyholder defaults in repaying the loan to the lender.
The Insurance Regulatory Development Authority plans to introduce guidelines soon on transfer (also called assignment) of insurance policies after the Insurance Act is amended.
Sources said the company would rope in private equity players in the next round of financing within a year. After reaching a particular scale, the company would also come out with an initial public offer, they added.
As they feel that the rupee may depreciate to 43.75 levels over the next six months.
The Life Insurance Corporation of India will soon file a special leave petition before the Supreme Court to prevent trading in life insurance policies.
With the government considering a new Bill to make the Indian Institutes of Management answerable to Parliament, India Inc leaders say the time has now come to grant complete autonomy to these institutes.
Dispute over competing investments may carry on.
The clampdown will be part of a package from the central bank to make end-use norms for external commercial borrowing (ECB) funds more stringent for various sectors.
Corporate India has paid 50 per cent (around Rs 600 crore) more on group health insurance this year. The premium paid on this account last year was Rs 1,200 crore (Rs 12 billion).
The Bombay high court has lifted the Company Law Board's indefinite stay on all board meetings of Bajaj group holding companies.
Sources close to the development said RIL, which was planning two adjacent economic zones in the coastal district of Raigarh in Maharashtra, is looking to set up three special purpose vehicles (SPVs) to develop the various components of the project.
As the president of Assocham, Dhoot has asked Confederation of Indian Industry and Ficci to join him in requesting the prime minister to reconsider the move to ban states from acquiring land.
I agree with the Tarapore report on fuller capital account convertibility except for the time frame set.
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