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.
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
The move opens a debate on the role of independent directors nominated by institutions.
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.
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.
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.
India will lose up to $50 billion to $70 billion per annum in terms of financial and commodity trade services fees in the next 12-15 years, if it fails to open up its financial sector to competition.
The automobile companies, say analysts, would take the maximum hit as the hike in the loan rates could soak up the demand for cars and commercial vehicles and pull the growth rates down.
The move will result in Britannia and Wadia BSN, being dismantled.
Shishir Bajaj, the estranged brother of group patriarch Rahul Bajaj, and his son Kushagra have sought a 25 per cent share in the assets controlled by these trusts.
Shishir, Rahul factions dissent over all-important chairmanship.
The Aditya Birla group has set aside 6.5 per cent stake in Bachhraj & Co, the company that controls 24.54 per cent of Bajaj Hindusthan, for Kushagra Bajaj's wife, Vasavadatta, sources close to the development said.
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