Shiv Nadar, who based HCL Applied sciences Ltd., has executed reward deeds to switch his 47% shareholdings in HCL Corp. and Vama Delhi to his daughter Roshni Nadar Malhotra.
After the switch, Malhotra will purchase management and change into a majority shareholder of Vama Delhi and HCL Corp., HCL Infosystems stated in an trade submitting late Friday. Malhotra can even purchase management 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.
“Reward deeds have been executed pursuant to a non-public household association supposed to streamline succession, which might guarantee continuity of possession and management” by the Shiv Nadar household, the submitting stated. This “would supply desired stability to the corporate.”
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