IIHL cannot annul Esops of Reliance General: Law firm

IndusInd International Holdings Ltd (IIHL), the investment arm of Hinduja group, cannot do away with employee stock option (Esop) and incentive schemes of Reliance General Insurance Co., as part of its resolution plan for the parent firm, Reliance Capital, according to law firm Khaitan & Co.

- Priyanka Gawande

A copy of the letter, which is in response to a query by the insurer, was reviewed by Mint.

Reliance General, a subsidiary of the insolvent Reliance Capital, asked if the resolution applicant, IIHL, has authority to modify the rights of employees of Reliance Capital’s subsidiaries and associates.