Can a employee do his own business in India?

Is this legally fine if a employee does his own business.

As he works daily at his office (employer's place) while his employees (personal business) handles his business and he can tally all accounts and other stuff on weekends\holidays.

PS: Office work and Personal business are not related to each other.. Totally separate stream. Not related to Employer for any profit or loss.

I guess not. If you are government employee, a sure no. But you may want to talk to your employee for option. I don't think it will be a good idea to do that, as it may risk your future in near terms.

In general- no. But, if the work you do for your employer and the work you do for yourself are not related, then your employer may be inclined to give you permission to pursue your second job. So, speak to your employer, get their written consent and proceed.