Document:

EXHIBIT 4.1

                         Strictly confidential and for private circulation only
                         ------------------------------------------------------

                ICICI BANK EMPLOYEES STOCK OPTION SCHEME - 2000

Section I:        Short title, extent and commencement

                  1.  This Scheme may be called ICICI Bank Employees Stock
                      Option Scheme - 2000.

                  2.  It applies only to Eligible Employees.

Section II:       Objectives

                  The objectives of the Scheme are:

                           a)  to enhance employee motivation;

                           b)  to enable employees to participate in the long
                               term growth and financial success of the Bank;
                               and

                           c)  to act as a retention mechanism, by enabling
                               employee participation in the business as an
                               active stakeholder to usher in an
                               'owner-manager' culture.

Section III:      Definitions

                  1.  As used in this Scheme, the following terms shall have the
                      meanings set forth below:

                           a.  "Award  Confirmation"  means a written
                               communication  by the Bank to a Participant,
                               evidencing grant of Options.

                           b.  "Cause" means (i) act of willful or gross
                               misconduct or neglect (ii) the commission of
                               felony, fraud, misappropriation, embezzlement,

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                               breach of trust or an offence involving moral
                               turpitude, (iii) gross or willful
                               insubordination or (iv) any other act
                               detrimental to the interest of the Bank.

                           c.  "Committee" means a committee of the Board of
                               Directors of the Bank consisting of a majority
                               of Independent Directors as the Board of
                               Directors of the Bank may constitute from time
                               to time to administer the Scheme.

                           d.  "Bank" means ICICI Bank Limited (ICICI Bank) and
                               its successors or its Subsidiary or Holding
                               Bank, as the context may require or admit.

                           e.  "Eligible  Employee"  means a  permanent employee
                               or a director of the Bank or of a Subsidiary or
                               a Holding Bank.

                           f.  "Exercise Period" means the period commencing
                               from the date of vesting of Options and ending
                               on the later of (i) the tenth anniversary of the
                               date of grant of Options or (ii) the fifth
                               anniversary of the date of vesting of Options.

                           g.  "Exercise  Price" means the price  payable by the
                               Participant  for  exercising the Options granted
                               to him.

                           h.  "Holding Bank" means a holding Bank of ICICI
                               Bank, hereafter existing, within the meaning of
                               Section 4 of the Companies Act, 1956.

                           i.  "Independent  Director"  means a  director of
                               the Bank, not being a whole time director of the
                               Bank.

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                           j.  "Option" means a right but not an obligation
                               granted to a Participant to apply for a
                               specified number of Shares at a pre-determined
                               price during the Exercise Period subject to the
                               conditions of the Scheme.

                           k.  "Participant" means an Eligible Employee selected
                               by the Committee and to whom an Option is
                               granted, or the Successors of the Participant,
                               as the context so requires.

                           l.  "Person" means an individual, company,
                               partnership, association, trust, unincorporated
                               organisation, government or political
                               subdivision thereof or any other entity.

                           m.  "Scheme" means this Scheme.

                           n.  "Shares" mean the equity shares of the Bank or
                               such other  securities, as may be designated by
                               the Committee from time to time.

                           o.  "Subsidiary" means a subsidiary company of ICICI
                               Bank, whether now or hereafter existing, within
                               the meaning of Section 4 of the Companies Act,
                               1956.

                           p.  "Successors" of a Participant means the legal
                               heirs and/or legal representatives of a deceased
                               Participant.

                           q.  "Vesting Confirmation" means a written
                               communication by the Bank to a Participant,
                               evidencing vesting of Options.

                           r.  "Vesting  Criteria" means criteria as may be
                               stipulated by the Committee for vesting of
                               Options.

                           s.  "Vesting Period" means the period during which
                               the vesting of the Options granted to a
                               Participant can take place.

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                  2.  In the Scheme, unless the contrary intention appears:

                           a.  a reference to "law" includes the constitution,
                               any statute, law, rule, regulation, ordinance,
                               judgement, order, decree, authorisation, or any
                               published directive, guideline, requirement or
                               governmental restriction having the force of
                               law, or any determination by, or interpretation
                               of any of the foregoing by, any judicial
                               authority or administrative authority, whether
                               in effect as of the date of the Scheme or
                               thereafter and each as amended from time to
                               time;

                           b.  reference to a gender shall include references
                               to the female, male and neuter genders; and

                           c.  the singular includes the plural (and vice
                               versa).

                  3.  Words and expressions unless defined herein shall have
                      the same meaning as have been assigned to them under the
                      Companies Act, 1956 or the Securities and Exchange Board
                      of India Act, 1992.

Section IV:       Shares subject to the Scheme

                  1.  The maximum number of Options granted to any Eligible
                      Employee in a financial year shall not exceed 0.05% of
                      the issued equity shares of the Bank at the time of grant
                      of the Options and the aggregate of all such Options
                      granted to all the Eligible Employees shall not exceed
                      five percent of the aggregate number of the issued equity
                      shares of the Bank after coming into effect of the
                      amalgamation of ICICI Limited, ICICI Capital Services
                      Limited and ICICI Personal Financial Services Limited
                      with the Bank and the issuance of equity shares by the
                      Bank pursuant to the aforesaid amalgamation of ICICI
                      Limited, ICICI Capital Services Limited and ICICI
                      Personal Financial Services Limited with the Bank.

                  2.  The Options granted but not vested and the Options vested
                      but not exercised in accordance with the Scheme or the
                      Award Confirmation or

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                      the Vesting Confirmation shall terminate and the Shares
                      covered by such terminated Options shall become available
                      for future grant under the Scheme.

Section V:        Administration of the Scheme

                  1.  The Scheme shall be administered by the Committee. A
                      member of the Committee to whom a matter under the Scheme
                      specifically relates shall not vote on such matter.

                  2.  Unless otherwise expressly provided in the Scheme or
                      applicable law, all decisions, determinations and
                      interpretations with respect to, connected with, arising
                      out of or in relation to the Scheme or Award Confirmation
                      or Vesting Confirmation shall be within the sole
                      discretion of the Committee, may be made at any time and
                      shall be final, conclusive and binding upon all Persons
                      including the Bank, Participants, shareholders and
                      employees.

                  3.  Unless otherwise expressly provided in the Scheme or
                      applicable law, the Scheme shall also be applicable to
                      employees and Directors of the Subsidiaries and Holding
                      Company.

Section VI:       Powers of the Committee

                  1.  Subject to the provisions of the Scheme and applicable law
                      and in addition to the other express powers and
                      authorizations conferred by the Scheme, the Committee
                      shall have full power and authority to:

                           a.  determine, from time to time eligibility of
                               employees to participate in the Scheme;

                           b.  determine the number of Shares subject to each
                               Option;

                           c.  determine the minimum and maximum number of
                               Options to be granted under the Scheme per
                               Participant and in aggregate;

                           d.  prescribe the Vesting Period and Vesting
                               Criteria;

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                           e.  prescribe the conditions under which the Options
                               vested in the Participant may lapse (including
                               in case of termination);

                           f.  prescribe the Exercise Period within which the
                               Participant should exercise the vested Options
                               in the event of termination or resignation of
                               the Participant;

                           g.  prescribe whether the Options vested in a
                               Participant are exercisable at one time or at
                               various points of time within the Exercise
                               Period;

                           h.  prescribe the conditions and procedure for the
                               grant, vest and exercise of Options by
                               Participants including Participants who are on
                               long leave, training or otherwise indisposed;

                           i.  prescribe, if deemed appropriate and necessary,
                               the procedure for cashless exercise of Options;

                           j.  establish, amend, suspend or waive such rules
                               and regulations as it shall deem appropriate for
                               the proper administration of the Scheme;

                           k.  interpret any matter with respect to, connected
                               with, arising out of or in relation to the
                               Scheme, the Award Confirmation and the Vesting
                               Confirmation;

                           l.  appoint such agents as it shall deem necessary
                               for the proper administration of the Scheme;

                           m.  determine or impose other conditions to the
                               grant or exercise of Options under the Scheme as
                               it may deem appropriate;

                           n.  make any other determination and take any other
                               action that the Committee deems necessary or
                               desirable for the administration of the Scheme;

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                           o.  frame suitable policies and systems to ensure
                               that there is no violation of:

                               i.  Securities and Exchange Board of India
                                   (Insider Trading) Regulations, 1992; and

                               ii. Securities and Exchange Board of India
                                   (Prohibition of Fraudulent and Unfair Trade
                                   Practices relating to the Securities Market)
                                   Regulations, 1995;

                               by any employee.

Section VII:      Eligibility for grant of Options

                  1.  The Committee shall have the sole authority to designate
                      an Eligible Employee as Participant.

                  2.  In determining the Eligible Employee to receive an Option
                      as well as in determining the number of Options to be
                      granted to a Participant, the Committee may consider the
                      position and responsibilities of the Eligible Employee,
                      the nature and value to the Bank of the Eligible
                      Employee's services and accomplishments whether direct or
                      indirect, length of service, grade, performance, merit,
                      present and potential contribution and conduct of the
                      Eligible Employee and such other factors as the Committee
                      may deem relevant.

Section VIII:     Vesting of Options

                  1.  The Options granted to the Participant may vest at one
                      time or at various points of time as stipulated in the
                      Award Confirmation. Provided, however, there shall be a
                      minimum period of one year between the grant of Options
                      and vesting of Options. Unless earlier vested, expired,
                      forfeited or otherwise terminated, each Option shall
                      expire in its entirety upon the third anniversary of the
                      date of grant of Option.

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                  2.  No Option or any part thereof shall vest:

                      a.   if the Participant does not fulfill Vesting Criteria
                           as stipulated in the Award Confirmation ; or

                      b.   if the Participant's employment is terminated by
                           the Bank for Cause ; or

                      c.   if the Participant voluntarily terminates employment
                           with the Bank other than on account of death,
                           retirement, or permanent disability;

                      and the Options to the extent not already vested shall
                      lapse and stand terminated and expired forthwith.

                  3.  If the Participant's employment terminates due to death
                      or permanent disability, whole of the Options shall
                      immediately vest in the Participant's Successors, or the
                      Participant, as the case may be.

                  4.  If the Participant's employment terminates due to
                      retirement (including pursuant to any early/voluntary
                      retirement scheme), the whole of the Options shall vest,
                      on the expiry of one year from the date of grant of
                      Options, in the Participant. Provided however that in the
                      event of death or permanent disability of the Participant
                      after retirement but before vesting of Options, the whole
                      of the Options shall immediately vest in the
                      Participant's Successors or the Participant as the case
                      may be.

Section IX:       Exercise Price

                  The Exercise Price shall be determined by the Committee on
                  the date the Option is granted and shall be reflected in the
                  Award Confirmation. The method of payment of Exercise Price
                  shall be, determined by the Committee (including by any one
                  or more of the following methods of payment).

                      a.   Cash

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                      b.   Cheque

                      c.   Promissory Note

                      d.   Cash-less exercise programme

Section X:        Exercise of Options

                  1.  Subject to vesting and other restrictions provided for
                      hereunder or otherwise imposed in accordance herewith,
                      the Participant or Participant's Successors, as the case
                      may be, may exercise the Options by the payment of
                      Exercise Price in full at such time as may be notified
                      during the Exercise Period.

                  2.  Unless earlier exercised, expired, forfeited or otherwise
                      terminated, each vested Option, if not exercised during
                      the Exercise Period shall lapse and stand terminated and
                      expired forthwith.

                  3.  If the Participant's employment is terminated by the Bank
                      for Cause the Participant's vested Options, to the extent
                      then unexercised, shall thereupon cease to be exercisable
                      and shall lapse and stand terminated and expired
                      forthwith.

                  4.  If the Participant voluntarily terminates employment with
                      the Bank other than on account of death, retirement, or
                      permanent disability, the vested Options, to the extent
                      then unexercised, shall be exercised by the payment of
                      Exercise Price in full within a period of three months
                      from the date of termination, which period shall be
                      deemed to be the Exercise Period.

                  5.  If the Participant's employment is terminated due to
                      death, retirement (including pursuant to any early/
                      voluntary retirement scheme) or permanent disability, the
                      vetsed Options, shall be exercised by the

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                      payment of Exercise Price in full at such time as may be
                      notified during the Exercise Period.

                  6.  Upon receipt of the notice for exercise of the Options
                      (in the form prescribed) and the payment of Exercise
                      Price in a form and manner as may be stipulated by the
                      Committee, the Bank shall issue and allot Shares to the
                      Participant.

Section XI:       GENERAL TERMS AND CONDITIONS

                  1.  The Committee may at any time amend, discontinue or
                      terminate the Scheme or any part or portion thereof at
                      any time. Provided that any such amendment,
                      discontinuation or termination that would impair the
                      rights of or is detrimental to the interests of the
                      Participant shall not, to that extent, be effective
                      without the consent of the affected Participant.

                  2.  Participation in the Scheme shall not constitute or be
                      construed as a guarantee by the Bank of return on the
                      Shares of the Bank. Any loss/potential loss due to
                      fluctuations in the market price of the Shares or on any
                      other account whatsoever, and the risks associated with
                      such investments will be that of the Participant alone
                      and not of the Bank.

                  3.  The Scheme shall be subject to all applicable laws and
                      such other terms and conditions, as may be stipulated by
                      the Committee in its absolute discretion.

                  4.  In the event of issuance of bonus/rights shares,
                      recapitalisation, stock split, reorganisation, merger,
                      consolidation of the Bank or other similar events the
                      number of Shares covered by each outstanding Option and
                      the number of Shares, which have been authorised for
                      issuance under the Scheme but as to which no Options have
                      yet been granted or which have been returned to the
                      Scheme upon termination of Options as well as the
                      Exercise Price shall be increased or decreased such that
                      the rights of the Participant is substantially
                      proportionate to the rights existing prior to such event
                      and to ensure that there is no dilution or enlargement of
                      the benefits available under the Scheme.

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                  5.  The Committee may at any time waive any conditions or
                      rights under, amend any terms of, or alter, suspend,
                      discontinue, cancel or terminate, any Option theretofore
                      granted, prospectively or retrospectively. Provided that
                      any such waiver, amendment, alteration, suspension,
                      discontinuation, cancellation or termination that would
                      impair the rights of or is detrimental to the interests
                      of the Participant shall not, to that extent, be
                      effective without the consent of the affected
                      Participant.

                  6.  The employees shall maintain the utmost confidentiality
                      regarding the contents of the Scheme and benefits
                      thereunder at all times and shall not make any
                      announcement to the public or to any third Person
                      regarding the arrangements contemplated by the Scheme and
                      the benefits thereunder except to the extent as may be
                      required by law.

                  7.  The Bank is entitled to and may, anytime at its
                      discretion, finance the Participant in any manner to the
                      extent permitted by law for the purpose of purchase of
                      Shares or payment of any amount under the Scheme.

                  8.  The grant of an Option shall not be construed as giving a
                      Participant the right to be retained in the employment of
                      the Bank. Neither the Scheme nor Award Confirmation nor
                      Vesting Confirmation shall form part of any contract of
                      employment between the Bank and the Participant. The
                      rights and obligations of the Participant under the terms
                      of his office or employment with the Bank shall not be
                      affected by his participation in the Scheme. Nothing in
                      the Scheme or any Award Confirmation or any Vesting
                      Confirmation shall confer or be construed as affording a
                      Participant any additional rights as to compensation or
                      damages in consequences of the termination of such office
                      or employment for any reason.

                  9.  No Participant or holder or beneficiary of any Option
                      shall have any rights as a shareholder with respect to
                      any Shares to be issued pursuant to the Scheme until he
                      has become the holder of such Shares.

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                  10. The Shares issued pursuant to any Option shall rank pari
                      passu with all the other equity shares of the Bank for
                      the time being issued and outstanding.

                  11. Neither the Scheme nor the Option shall create or be
                      construed to create a trust or a separate fund of any
                      kind or a fiduciary relationship between the Bank and a
                      Participant. To the extent that any Person acquires a
                      right to receive payments from the Bank pursuant to any
                      Option, such right shall be no greater than the right of
                      any unsecured general creditor of the Bank.

                  12. No fractional shares shall be issued or delivered
                      pursuant to the Option, and the Committee shall determine
                      whether cash, other securities or other property shall be
                      paid or transferred in lieu of any fractional shares or
                      whether such fractional shares or any rights thereto
                      shall be cancelled, terminated, or otherwise eliminated.

                  13. No employee shall have any claim to be granted any
                      Option, and there is no obligation on the part of the
                      Bank for uniformity of treatment of employees or holders
                      or beneficiaries of Options. The terms and conditions of
                      Options need not be the same with respect to each
                      Participant.

                  14. No Option shall be assigned, alienated, pledged,
                      attached, sold or otherwise transferred or encumbered by
                      the Participant, except to the extent provided under the
                      Scheme or by will or the laws of inheritance.

                  15. Nothing contained in the Scheme shall prevent the Bank
                      from adopting or continuing the current or other
                      compensation arrangements and such arrangements may be
                      either generally applicable or applicable only in
                      specific cases.

                  16. In the event of any tax liability arising on account of
                      grant of Options to a Participant, the liability shall be
                      that of the Participant alone and the Bank shall have the
                      right to cause the Shares held by the Participant sold or
                      otherwise alienated to meet the liability on behalf of
                      the Participant. The

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                      Bank may, in its discretion, require the Participant to
                      pay to the Bank at the time of exercise of any Option the
                      amount that the Bank deems necessary to satisfy the
                      Bank's obligation to withhold income or other taxes
                      incurred by reason of such exercise.

                  17. The Participant shall do all acts necessary and execute
                      all such deeds and documents as may be deemed necessary
                      by the Committee to give effect to the terms of the
                      Scheme.

Section XII:      Award Confirmation

                  The grant of Options hereunder shall be evidenced by an Award
                  Confirmation which shall be delivered to the Participant and
                  shall specify the number of Options granted and the terms and
                  conditions of the grant of Options and rules applicable
                  thereto.

Section XIII:     Vesting Confirmation

                  The vesting of Options hereunder, shall be evidenced by a
                  Vesting Confirmation which shall be delivered to the
                  Participant and shall specify the number of Options vested
                  and the terms and conditions of the vesting of Options and
                  rules applicable thereto.

Section XIV:      Effective and Expiry Dates

                  This Scheme shall be effective as of the date of its approval
                  by the shareholders of the Bank and expire on such date as
                  may be notified by the Board of Directors of the Bank.

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Section XV:       Headings

                  Headings are given to the Sections of the Scheme solely as a
                  convenience to facilitate reference. Such headings shall not
                  be deemed in any way material or relevant to the construction
                  or interpretation of the Scheme or any provision thereof.

                                    **********************

                                      14EXHIBIT 4.2

                        ICICI INFOTECH SERVICES LIMITED
                       EMPLOYEES STOCK OPTION SCHEME-2000

Section I:    Short title, extent and commencement

               1.   This Scheme may be called ICICI INFOTECH SERVICES LIMITED --
                    EMPLOYEES STOCK OPTION SCHEME -- 2000.

               2.   It applies only to Eligible Employees.

Section II:   Objectives

              The objectives of the Scheme are:

                    a.   to enhance employee motivation;

                    b.   to enable employees to participate in the long term
                         growth and financial success of the Company ; and

                    c.   to act as a retention mechanism, by enabling employee
                         participation in the business as an active stakeholder
                         to usher in an 'owner-manager' culture.

Section III:  Definitions

               1.   As used in this Scheme, the following terms shall have the
                    meanings set forth below:

                    a.   "Award Confirmation" means a written communication by
                         the Company to a Participant, evidencing grant of
                         Options.

                    b.   "Board" means the Board of Directors of the Company

                    c.   "Cause" means (i) act of willful or gross misconduct
                         or neglect (ii) the commission of felony, fraud,
                         misappropriation, embezzlement, breach of trust or an
                         offence involving moral turpitude, (iii) gross or
                         willful insubordination or (iv) any other act
                         detrimental to the interest of the Company.

                    d.   "Committee" means a committee of the Board of
                         Directors of the Company as the Board of Directors of
                         the Company may constitute from time to time to
                         administer the Scheme.

                    e.   "Company" means ICICI INFOTECH SERVICES LIMITED (ICICI
                         Infotech) and its successors or its Subsidiary or
                         Holding Company, as the context may require or admit.

                    f.   "Eligible Employee" means a person who is an employee
                         including employee on probation or who has agreed to
                         take up employment in the Company, or a director of
                         the Company or

<PAGE>

                         of a Subsidiary or a Holding Company or of a subsidiary
                         of the Holding Company.

                    g.   "Exercise Period" means the period commencing from the
                         date of vesting of Options and ending on the later of
                         (i) the tenth anniversary of the date of grant of
                         Options or (ii) the fifth anniversary of the date of
                         vesting of Options.

                    h.   "Exercise Price" means the price payable by the
                         Participant for exercising the Options granted to him.

                    i.   "Holding Company" means a holding company of ICICI
                         INFOTECH SERVICES LIMITED, hereafter existing, within
                         the meaning of Section 4 of the Companies Act, 1956.

                    j.   "Independent Director" means a director of the
                         Company, not being a whole time director of the
                         Company.

                    k.   "Option" means a right but not an obligation granted
                         to a Participant to apply for a specified number of
                         Shares at a pre-determined price during the Exercise
                         Period subject to the conditions of the Scheme.

                    l.   "Participant" means an Eligible Employee selected by
                         the Board or the Committee and to whom an Option is
                         granted, or the Successors of the Participant, as the
                         context so requires.

                    m.   "Person" means an individual, company, partnership,
                         association, trust, unincorporated organisation,
                         government or political subdivision thereof or any
                         other entity.

                    n.   "Scheme" means this Scheme.

                    o.   "Shares" mean the equity shares of the Company or such
                         other securities, as may be designated by the
                         Committee from time to time.

                    p.   "Subsidiary" means a subsidiary company of ICICI
                         INFOTECH SERVICES LIMITED, whether now or hereafter
                         existing, within the meaning of Section 4 of the
                         Companies Act, 1956.

                    q.   "Successors" of a Participant means the legal heirs
                         and/or legal representatives of a deceased
                         Participant.

                    r.   "Vesting Confirmation" means a written communication
                         by the Company to a Participant, evidencing vesting of
                         Options.

                    s.   "Vesting Criteria" means criteria as may be stipulated
                         by the Committee for vesting of Options.

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                    t.   "Vesting Period" means the period during which the
                         vesting of the Options granted to a Participant can
                         take place.

               2.   In the Scheme, unless the contrary intention appears :-

                    a.   a reference to "law" includes the constitution, any
                         statute, law, rule, regulation, ordinance, judgement,
                         order, decree, authorisation, or any published
                         directive, guideline, requirement or governmental
                         restriction having the force of law, or any
                         determination by, or interpretation of any of the
                         foregoing by, any judicial authority or administrative
                         authority, whether in effect as of the date of the
                         Scheme or thereafter and each as amended from time to
                         time .

                    b.   reference to a gender shall include references to the
                         female, male and neuter genders;

                    c.   the singular includes the plural (and vice versa);

               3.   Words and expressions unless defined herein shall have the
                    same meaning as have been assigned to them under the
                    Companies Act, 1956 or the Securities and Exchange Board of
                    India Act, 1992.

Section IV:   Shares subject to the Scheme

               1.   The maximum number of Options granted to any Eligible
                    Employee in a financial year shall not exceed 5% of the
                    issued equity shares of the Company at the time of grant of
                    the Options and the aggregate of all such Options granted
                    to all the Eligible Employees shall not exceed 25% of the
                    aggregate number of issued equity shares of the Company as
                    at the time of grant of the options.

               2.   The Options granted but not vested and the Options vested
                    but not exercised in accordance with the Scheme or the
                    Award Confirmation or the Vesting Confirmation shall
                    terminate and the Shares covered by such terminated Options
                    shall become available for future grant under the Scheme.

Section V:    Administration of the Scheme

               1.   The Scheme shall be administered by the Board or the
                    Committee. A member of the Committee to whom a matter under
                    the Scheme specifically relates shall not vote on such
                    matter.

               2.   Unless otherwise expressly provided in the Scheme or
                    applicable law, all decisions, determinations and
                    interpretations with respect to, connected with, arising
                    out of or in relation to the Scheme or Award Confirmation
                    or Vesting Confirmation shall be within the sole discretion
                    of the Board or the Committee, may be made at any time

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                    and shall be final, conclusive and binding upon all Persons
                    including the Company, Participants, shareholders and
                    employees.

               3.   Unless otherwise expressly provided in the Scheme or
                    applicable law, the Scheme shall also be applicable to
                    employees and Directors of the Subsidiaries and Holding
                    Company and a subsidiary of the Holding Company.

Section VI:   Powers of the Committee

               1.   Subject to the provisions of the Scheme and applicable law
                    and in addition to the other express powers and
                    authorizations conferred by the Scheme, the Board or the
                    Committee shall have full power and authority to:

                    a.   determine from time to time eligibility of employees
                         to participate in the Scheme;

                    b.   determine the number of Shares subject to each Option;

                    c.   determine the minimum and maximum number of Options to
                         be granted under the Scheme per Participant and in
                         aggregate;

                    d.   prescribe the Vesting Period and Vesting Criteria;

                    e.   prescribe the conditions under which the Options
                         vested in the Participant may lapse (including in case
                         of termination);

                    f.   prescribe the Exercise Period within which the
                         Participant should exercise the vested Options in the
                         event of termination or resignation of the
                         Participant;

                    g.   prescribe whether the Options vested in a Participant
                         are exercisable at one time or at various points of
                         time within the Exercise Period;

                    h.   prescribe the conditions and procedure for the grant ,
                         vest and exercise of Options by Participants including
                         Participants who are on long leave, training or
                         otherwise indisposed;

                    i.   prescribe, if deemed appropriate and necessary, the
                         procedure for cashless exercise of Options;

                    j.   establish, amend, suspend or waive such rules and
                         regulations as it shall deem appropriate for the
                         proper administration of the Scheme;

                    k.   interpret any matter with respect to, connected with,
                         arising out of or in relation to the Scheme, the
                         Award Confirmation and the Vesting Confirmation;

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<PAGE>

                    l.   appoint such agents as it shall deem necessary for the
                         proper administration of the Scheme.

                    m.   determine or impose other conditions to the grant or
                         exercise of Options under the Scheme as it may deem
                         appropriate;

                    n.   make any other determination and take any other action
                         that the Committee deems necessary or desirable for
                         the administration of the Scheme;

                    o.   frame suitable policies and systems to ensure that
                         there is no violation of:

                          i.  Securities and Exchange Board of India (Insider
                              Trading) Regulations, 1992; and

                         ii.  Securities and Exchange Board of India
                              (Prohibition of Fraudulent and Unfair Trade
                              Practices relating to the Securities Market)
                              Regulations, 1995

                         by any employee.

Section VII:  Eligibility for grant of Options

               1.   The Board or the Committee shall have the sole authority to
                    designate an Eligible Employee as Participant.

               2.   In determining the Eligible Employee to receive an Option
                    as well as in determining the number of Options to be
                    granted to a Participant, the Board or the Committee may
                    consider the position and responsibilities of the Eligible
                    Employee, the nature and value to the Company of the
                    Eligible Employee's services and accomplishments whether
                    direct or indirect, length of service, grade, performance,
                    merit, present and potential contribution and conduct of
                    the Eligible Employee and such other factors as the
                    Committee may deem relevant.

Section VIII: Vesting of Options

               1.   The Options granted to the Participant may vest at one time
                    or at various points of time as stipulated in the Award
                    Confirmation. Provided, however, there shall be a minimum
                    period of one year between the grant of Options and vesting
                    of Options. Unless earlier vested, expired, forfeited or
                    otherwise terminated, each Option shall expire in its
                    entirety upon the third anniversary of the date of grant of
                    Option.

               2.   No Option or any part thereof shall vest --

                    a.   if the Participant does not fulfill Vesting Criteria
                         as stipulated in the Award Confirmation; or

                                       5
<PAGE>

                    b.   if the Participant's employment is terminated by the
                         Company for Cause ; or

                    c.   if the Participant voluntarily terminates employment
                         with the Company other than on account of death,
                         retirement, or permanent disability.

                    d.   If the Participant's employment is terminated by the
                         Company not for cause;

                    and the Options to the extent not already vested shall lapse
                    and stand terminated and expired forthwith.

               3.   If the Participant's employment terminates due to death or
                    permanent disability, whole of the Options shall
                    immediately vest in the Participant's Successors, or the
                    Participant, as the case may be.

               4.   If the Participant's employment terminates due to
                    retirement (including pursuant to any early / voluntary
                    retirement scheme), the whole of the Options shall vest, on
                    the expiry of one year from the date of grant of Options,
                    in the Participant. Provided however that in the event of
                    death or permanent disability of the Participant after
                    retirement but before vesting of Options, the whole of the
                    Options shall immediately vest in the Participant's
                    Successors or the Participant as the case may be.

Section IX:   Exercise Price

              The Exercise Price shall be determined by the Board or the
              Committee on the date the Option is granted and shall be
              reflected in the Award Confirmation. The method of payment of
              Exercise Price shall be, determined by the Board or the
              Committee (including by any one or more of the following
              methods of payment).

                    a.   Cash

                    b.   Cheque

                    c.   Promissory Note

                    d.   Cash-less exercise programme

                                       6
<PAGE>

Section X:    Exercise of Options

               1.   Subject to vesting and other restrictions provided for
                    hereunder or otherwise imposed in accordance herewith, the
                    Participant or Participant's Successors, as the case may
                    be, may exercise the Options by the payment of Exercise
                    Price in full at such time, as may be notified during the
                    Exercise Period.

               2.   Unless earlier exercised, expired, forfeited or otherwise
                    terminated, each vested Option, if not exercised during
                    the Exercise Period shall lapse and stand terminated and
                    expired forthwith.

               3.   If the Participant's employment is terminated by the
                    Company for Cause the Participant's vested Options, to the
                    extent then unexercised, shall thereupon cease to be
                    exercisable and shall lapse and stand terminated and
                    expired forthwith.

               4.   If the Participant voluntarily terminates employment with
                    the Company other than on account of death, retirement, or
                    permanent disability, the vested Options, to the extent
                    then unexercised, shall be exercised by the payment of
                    Exercise Price in full within a period of three months from
                    the date of termination, which period shall be deemed to be
                    the Exercise Period.

               5.   If the Participant's employment is terminated by the
                    Company not for cause, the vested Options, to the extent
                    then unexercised, shall be exercised by the payment of
                    Exercise Price in full within a period of three months from
                    the date of termination, which period shall be deemed to be
                    the Exercise Period.

               6.   If the Participant's employment is terminated due to death,
                    retirement (including pursuant to any early / voluntary
                    retirement scheme) or permanent disability, the vested
                    Options, shall be exercised by the payment of Exercise
                    Price in full at such time as may be notified during the
                    Exercise Period.

               7.   Upon receipt of the notice for exercise of the Options (in
                    the form prescribed) and the payment of Exercise Price in a
                    form and manner as may be stipulated by the Board or the
                    Committee, the Company shall issue and allot Shares to the
                    Participant.

Section XI:   GENERAL TERMS AND CONDITIONS

               1.   The Committee may at any time amend, discontinue or
                    terminate the Scheme or any part or portion thereof at any
                    time. Provided that any such amendment, discontinuation or
                    termination that would impair the rights of or is
                    detrimental to the interests of the Participant shall not,
                    to that extent, be effective without the consent of the
                    affected Participant.

                                       7
<PAGE>

               2.   Participation in the Scheme shall not constitute or be
                    construed as a guarantee by the Company of return on the
                    Shares of the Company. Any loss/potential loss due to
                    fluctuations in the market price of the Shares or on any
                    other account whatsoever, and the risks associated with
                    such investments will be that of the Participant alone and
                    not of the Company.

               3.   The Scheme shall be subject to all applicable laws and such
                    other terms and conditions, as may be stipulated by the
                    Committee in its absolute discretion.

               4.   In the event of issuance of bonus / rights shares,
                    recapitalisation, stock split, reorganisation, merger,
                    consolidation of the Company or other similar events the
                    number of Shares covered by each outstanding Option and the
                    number of Shares, which have been authorised for issuance
                    under the Scheme but as to which no Options have yet been
                    granted or which have been returned to the Scheme upon
                    termination of Options as well as the Exercise Price shall
                    be increased or decreased such that the rights of the
                    Participant is substantially proportionate to the rights
                    existing prior to such event and to ensure that there is no
                    dilution or enlargement of the benefits available under the
                    Scheme.

               5.   The Committee may at any time waive any conditions or
                    rights under, amend any terms of, or alter, suspend,
                    discontinue, cancel or terminate, any Option theretofore
                    granted, prospectively or retrospectively. Provided that
                    any such waiver, amendment, alteration, suspension,
                    discontinuation, cancellation or termination that would
                    impair the rights of or is detrimental to the interests of
                    the Participant shall not, to that extent, be effective
                    without the consent of the affected Participant.

               6.   The employees shall maintain the utmost confidentiality
                    regarding the contents of the Scheme and benefits
                    thereunder at all times and shall not make any announcement
                    to the public or to any third Person regarding the
                    arrangements contemplated by the Scheme and the benefits
                    thereunder except to the extent as may be required by law.

               7.   The Company is entitled to and may, anytime at its
                    discretion, finance the Participant in any manner to the
                    extent permitted by law for the purpose of purchase of
                    Shares or payment of any amount under the Scheme.

               8.   The grant of an Option shall not be construed as giving a
                    Participant the right to be retained in the employment of
                    the Company. Neither the Scheme nor Award Confirmation nor
                    Vesting Confirmation shall form part of any contract of
                    employment between the Company and the Participant. The
                    rights and obligations of the Participant under the terms
                    of his office or employment with the Company shall not be
                    affected by his participation in the Scheme. Nothing in the
                    Scheme or any Award Confirmation or any Vesting
                    Confirmation shall confer or

                                       8
<PAGE>

                    be construed as affording a Participant any additional
                    rights as to compensation or damages in consequences of the
                    termination of such office or employment for any reason.

               9.   No Participant or holder or beneficiary of any Option shall
                    have any rights as a shareholder with respect to any Shares
                    to be issued pursuant to the Scheme until he has become the
                    holder of such Shares.

               10.  The Shares issued pursuant to any Option shall rank pari
                    passu with all the other equity shares of the Company for
                    the time being issued and outstanding.

               11.  Neither the Scheme nor the Option shall create or be
                    construed to create a trust or a separate fund of any kind
                    or a fiduciary relationship between the Company and a
                    Participant. To the extent that any Person acquires a right
                    to receive payments from the Company pursuant to any
                    Option, such right shall be no greater than the right of
                    any unsecured general creditor of the Company.

               12.  No fractional shares shall be issued or delivered pursuant
                    to the Option, and the Committee shall determine whether
                    cash, other securities or other property shall be paid or
                    transferred in lieu of any fractional shares or whether
                    such fractional shares or any rights thereto shall be
                    cancelled, terminated, or otherwise eliminated.

               13.  No employee shall have any claim to be granted any Option,
                    and there is no obligation on the part of the Company for
                    uniformity of treatment of employees or holders or
                    beneficiaries of Options. The terms and conditions of
                    Options need not be the same with respect to each
                    Participant.

               14.  No Option shall be assigned, alienated, pledged, attached,
                    sold or otherwise transferred or encumbered by the
                    Participant, except to the extent provided under the Scheme
                    or by will or the laws of inheritance.

               15.  Nothing contained in the Scheme shall prevent the Company
                    from adopting or continuing the current or other
                    compensation arrangements and such arrangements may be
                    either generally applicable or applicable only in specific
                    cases.

               16.  In the event of any tax liability arising on account of
                    grant of Options to a Participant, the liability shall be
                    that of the Participant alone and the Company shall have
                    the right to cause the Shares held by the Participant sold
                    or otherwise alienated to meet the liability on behalf of
                    the Participant. The Company may, in its discretion,
                    require the Participant to pay to the Company at the time
                    of exercise of any Option the amount that the Company deems
                    necessary to satisfy the Company's obligation to withhold
                    income or other taxes incurred by reason of such exercise.

                                       9
<PAGE>

               17.  The Participant shall do all acts necessary and execute all
                    such deeds and documents as may be deemed necessary by the
                    Committee to give effect to the terms of the Scheme.

Section XII:  Award Confirmation

              The grant of Options hereunder shall be evidenced by an Award
              Confirmation which shall be delivered to the Participant and
              shall specify the number of Options granted and the terms and
              conditions of the grant of Options and rules applicable
              thereto.

Section XIII: Vesting Confirmation

              The vesting of Options hereunder, shall be evidenced by a
              Vesting Confirmation which shall be delivered to the
              Participant and shall specify the number of Options vested
              and the terms and conditions of the vesting of Options and
              rules applicable thereto.

Section XIV:  Effective and Expiry Dates

              This Scheme shall be effective as of the date of its approval by
              the shareholders of the Company and expire on such date as may
              be notified by the Board of Directors of the Company.

Section XV:   Headings

              Headings are given to the Sections of the Scheme solely as a
              convenience to facilitate reference. Such headings shall not be
              deemed in any way material or relevant to the construction or
              interpretation of the Scheme or any provision thereof.

                             **********************

                                      10

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