Shiv Nadar Steps Down as Chairman of HCL Technologies, His Daughter Roshni Nadar Malhotra Takes Over With Immediate Effect

Mumbai, July 17: Shiv Nadar, the Chairman of Board of Directors of IT firm HCL Technologies, stepped down from his post on Friday. According to reports, Nadar's daughter Roshni Nadar Malhotra will now take over the post of the Chairman with effect from July 17, 2020. A statement issued by the company stated that Nadar would continue to be the Managing Director of the Company with the designation as the Chief Strategy Officer of the Company.

In a statement, the company said, "The Board of Directors has appointed Ms. Roshni Nadar Malhotra, Non-Executive Director as the Chairperson of the Board of Directors and the Company w.e.f. July 17, 2020, in place of Mr. Shiv Nadar who expressed his desire to step down from the position of the Chairman." HCL Technologies Q4 Net Profit Jumps 24.3% to Rs 3,154 Crore, Firm Sees Short-Term Impact of COVID-19.

The filing said the Board of Directors has appointed Roshni Nadar Malhotra, Non-Executive Director as Chairperson of Board and company with effect from Friday in place of her father, Shiv Nadar. "...Shiv Nadar, who expressed his desire to step down from position of Chairman. Mr Nadar would continue to be MD of Company with designation as Chief Strategy Officer," the filing said.

On Friday, HCL Technologies posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter, and said that Shiv Nadar has stepped down from the Chairman''s role. The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

(The above story first appeared on LatestLY on Jul 17, 2020 12:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).