(Expert) 24 March 2008
Yes, they are mandatory on a company also.
(Expert) 01 April 2008
The leaves are normally governed by the Factories Act in case of manufacturing industry and Shops and establishment act of the state for industries other than manufacturing.
Since, in IT/ITES there is no manufacturing activity, we are governed by the shops and establishment act of the state that we are located in.
Leaves are a matter of right conferred to the employees by the any of the above mentioned two acts. However, prior approval is a must in cases other than sick leaves.