The Larsen and Toubro employee stock option controversy is becoming a major face-off between the financial institutions and the construction major.
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.
Financial institutions are facing a Herculean task in convincing their nominee directors not to exercise the employee stock options granted to them
For tapping high growth units in special economic zones, a host of Indian banks had established offshore banking units in 2003-04 in these duty free enclaves
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.
A severe staff crunch at the branches for managing the front desk operations has compelled the State Bank of India to resume recruitments in the clerical cadre after almost a gap of 20 years.
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.
Nearly 4,000 clerical cadre and staff have sought early retirement from the country's largest commercial bank, State Bank of India.
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