LIC Takes L&T To Court In Esop Row

Mumbai: The Life Insurance Corporation, which is the single largest shareholder in L&T, went Mumbai high court against the company for issuing Esops to its nominee director, Kranti Sinha, without keeping it in the loop. LIC, which along with other financial institutions are the biggest shareholders in L&T, is miffed at the fact the Esops allotted to Sinha were transferred to his demat account instead of crediting it into a joint account between Sinha and LIC. The petition was filed on May 7, and it came up for hearing on May 9. In an ex-parte order, the Bombay High court had stayed Sinha from dealing in the 20,000 L&T shares till further orders on May 7. Larsen & Toubro in which financial institutions own more than 26 per cent stake also sought additional time.