Kolkata-based ITC is hopeful of solving a long-drawn tussle with its largest shareholder, British American Tobacco, or BAT, over an equity-settled stock appreciation rights programme. A senior ITC official told BTVI that hectic parleys are on between the two companies to finalise a mutually acceptable formula. BAT had turned down ITC’s proposal for issuing ESOPs. After ESOPs was turned down, ITC came up with a SARS. Shantanu Guha Ray joins in with more details.