Indiabulls Retail Services has launched its new employee stock option scheme under the name “Indiabulls Retail Services Ltd Employees Stock Option Scheme – 2009″. The new scheme came after the company’s board of directors cancelled and withdrew Piramyd Retail Ltd Stock Option Plan, 2005 and 2006.
The scheme will allow the grant of 15,00,000 stock options convertible into equal number of equity shares of face value Rs 10 each of the company, to its employees, said the company in a disclosure to Bombay Stock Exchange.
Further the disclosure revealed the appointment of Anil Lepps as whole-time director of the company, designated as ‘Chief Executive Officer’, for a period of five years with effect from January 06, 2009, without any remuneration, in place of Ikroop Singh, whole-time director who has resigned from the office with effect from January 06, 2009.
— Shailesh Shah