SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999
7. Variation of terms of ESOS
7.1 The company shall not vary the terms of the ESOS in any manner which may be detrimental to the interests of the employees.
7.2 The company may by special resolution in a general meeting vary the terms of ESOS offered pursuant to an earlier resolution of a general body but not yet exercised by the employee provided such variation is not prejudicial to the interests of the option holders.
7.3 The provisions of clause 6.3 shall apply to such variation of terms as they do to the original grant of option.
7.4 The notice for passing special resolution for variation of terms of ESOS shall disclose full details of the variation, the rationale therefore, and the details of the employees who are beneficiary of such variation.