In a strategic succession plan, HCL Group Founder Shiv Nadar has gifted 47% of his stake in HCL Corp and Vama Sundari Investments (Vama Delhi), the group’s promoter entities, to his daughter Roshni Nadar Malhotra. According to Fortune India, with this transfer, Ms Malhotra will be responsible for all strategic decisions for the $12 billion technology company. She will acquire the control of both entities and become the majority shareholder of Vama Delhi and HCL Corp. She will also gain control over the voting rights linked to Vama Delhi’s 44.17% stake and HCL Corp’s 0.17% stake in the company. Moreover, she will hold voting rights over Vama Delhi’s 12.94% stake and HCL Corp’s 49.94% stake in HCL Infosystems.
“Gift Deeds have been executed pursuant to a private family arrangement intended to streamline succession, which would ensure continuity of ownership and control by Mr Shiv Nadar Family (promoter family) and would provide desired stability to the company,” the exchange filing read.
Before this announcement, Shiv Nadar and Roshni Nadar Malhotra held 51% and 10.33% shareholding respectively, in both Vama Delhi and HCL Corp.
“Through these gift deeds, Mr Shiv Nadar has agreed to transfer 47% shareholding in both Vama Delhi and HCL Corp, the promoter/promoter group of the company, to his daughter, Ms Roshni Nadar Malhotra. Following this transfer, she will gain control and become the majority shareholder of Vama Delhi and HCL Corp, the company added, as per Fortune India.
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Notably, Mr Nadar passed the reins to his daughter in July 2020, making her the first female chair of an Indian IT company that was listed. Mr Nadar also resigned as managing director of HCL Technologies in July 2021, following which C Vijayakumar, the CEO of HCL Technologies, took over as managing director for a period of five years.
Who Is Roshni Nadar Malhotra?
According to Shiv Nadar Foundation website, Roshni Nadar Malhotra is the Chairperson of HCLTech and the Chairperson of its CSR Board Committee. She is also a trustee of the Shiv Nadar Foundation, which is focused on education and has established some of India’s top colleges and schools. She is also the founder and trustee of The Habitats Trust, a foundation working towards protecting habitats and their indigenous species.
Prior to joining HCL, Ms Malhotra worked as a news producer and earned her MBA from the Kellogg School of Management. She holds an undergraduate degree in Communications from Northwestern University.
