Nadar 'gifts' daughter control of HCL

Founder of the IT company transfers 47% stake in promoter entities Vama, HCL Corp to Roshni Nadar

- DIPAK MONDAL @ New Delhi

AS part of the family succession plan, founder of information technology company HCL Technologies Shiv Nadar has executed gift deeds to transfer his 47% shareholding in Vama Sundari Investments (Delhi) Private Limited and HCL Corporation Private Limited to his daughter Roshni Nadar Malhotra.

Both Vama Sundari and HCL Corporation are promoter group of HCL Technologies with the former holding 44.17% and the latter holding 0.17% stake in the company.

"Gift Deeds have been executed pursuant to a private family arrangement intended to streamline succession, which would ensure continuity of ownership and control by Shiv Nadar Family (promoter family) and would provide desired stability to the company," HCL Technologies said in a regulatory filing.