Shiv Nadar, who founded HCL Technologies Ltd., has executed gift deeds to transfer his 47% shareholdings in HCL Corp. and Vama Delhi to his daughter Roshni Nadar Malhotra.
After the transfer, Malhotra will acquire control and become a majority shareholder of Vama Delhi and HCL Corp., HCL Infosystems said in an exchange filing late Friday. Malhotra will also acquire control over the voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp. 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 the Shiv Nadar family, the filing said. This “would provide desired stability to the company.”
