LIC Moves HC To Restrain From Selling Esops

Mumbai: The Bombay High Court on May 7, restrained Kanti Sinha, nominee-director of Life Insurance Corporation (LIC) on the Larsen & Toubro (L&T) board, from dealing with L&T employee stock options (Esops) that he received. The ex-parte order came after LIC moved court May 7. General Insurance Corporation (GIC) is also mulling to move court shortly, seeking a similar restraint on BP Deshmukh, its nominee-director on the L&T board. GIC''s and LIC''s nominee-directors got Esops worth Rs 4.5 crore and Rs 3.5 crore, respectively, from L&T under its 2003 stock option scheme.