Shiv Nadar resigns as MD of HCL Technologies, named Chairman Emeritus

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HCL Technologies on Monday said its founder Shiv Nadar will take on the role of Chairman Emeritus Strategic Advisor to the company’s board.


Nadar, Chief Strategy Officer Managing Director of the company, on completing 76 years of age, has tendered his resignation as the MD as well as the Director with effect from close of business hours on July 19, according to a regulatory filing.





“In order to continue to benefit from his vast knowledge, experience, wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination & Remuneration Committee, has approved the appointment of Shri Shiv Nadar as the ‘Chairman Emeritus Strategic Advisor to the Board’ for a term of five years with effect from July 20, 2021,” it added.


The payment of remuneration or providing any facilities under this role will be subject to the approval of the shareholders.


The company has appointed C Vijayakumar – President CEO of the company – as the Managing Director with the title of CEO MD for five years with effect from July 20, it added.


In July last year, Nadar had stepped down from the Chairman’s role his daughter, Roshni Nadar Malhotra, succeeded him. Roshni was the first woman to chair a listed Indian IT firm. Shiv Nadar is a pioneer of the computing IT industry in India.


In 1976, he founded the HCL Group that started off as a technology hardware company, manufacturing the country’s first indigenous computers then evolved into a more comprehensive software services global organisation.


Under Nadar’s leadership, HCL is credited with the first ‘Made in India’ IT product innovations with the first 8-bit microprocessor-based computer in 1978 world’s first fine-grained multi-processor UNIX installation in 1989, among others.


HCL played a key role in supporting India’s telecom revolution through the creation of the largest mobile distribution network with Nokia.


In 1994, he established the philanthropic organisation, Shiv Nadar Foundation. As of March 2021, the Shiv Nadar Foundation had invested around USD 988 million to create institutions of transformational education that are nurturing India’s next generation of leaders.


In a separate regulatory filing, HCL Technologies said it has appointed former IBM executive, Vanitha Narayanan, to the Board of Directors. Narayanan, as an Additional Director on the board, will hold office as an Independent Director. Her appointment is effective July 19.


In 2020, Vanitha retired after a career spanning three decades at IBM where she held multiple key roles leading large businesses in geographies like US, Asia-Pacific India. These roles included serving as Managing Director Chairman of IBM India other leadership positions in the global communications telecommunications industries.


“I am pleased to welcome Vanitha to the board of HCL appreciate her decision to become a part of the HCL family.


“… her deep knowledge understanding of the evolving marketing technology landscape will be a great asset to HCL’s focus on driving growth. Her experience of viewing evolution innovations in technology from a multi-geography lens will add value to HCL as we expour footprints globally,” HCL Technologies Chairperson Roshni Nadar Malhotra said.

(Only the headline picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Covid: Delta variant 40-60% more transmissible than Alpha, says govt expert

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The Delta variant, first detected in India is around 40 to 60 per cent more transmissible than the Alpha variant found first in the UK the current vaccines are effective against the mutation, N K Arora, co-chair of the Indian SARS-CoV-2 Genomics Consortium.


The Delta-plus variant is still being studied for its transmissibility, virulence, vaccine escape characteristics and, a health ministry press statement quoting Arora said.





“The cases may go up if a new, more infectious variant comes. In other words, the next wave will be driven by a virus variant to which a significant proportion of the population is susceptible,” Arora said.


The Delta Plus variants—AY.1 AY.2—have so far been detected in 55-60 cases across 11 states, including Maharashtra, Tamil Nadu, Madhya Pradesh.


He added however, that any future waves will be controlled delayed if more people get vaccinated follow COVID-Appropriate Behaviour effectively.


He said that it was difficult to say that the disease caused due to Delta Variant is more severe because the age profile the deaths during the second wave in India were quite similar to that seen during the first wave.


INSACOG has expanded its network from 10 laboratories in the beginning of the pandemic to 28 labs now a capacity to sequence 50,000 samples per month from 30,000 earlier.


Arora said that the entire country has been divided into geographical regions each lab is given the responsibility of one particular region.


“We have formed 180-190 clusters with around four districts in each cluster. Regular random swab samples samples of patients who develop severe illness, vaccine breakthrough infections, other atypical clinical presentations, are collected sent to regional laboratories for sequencing,” he said.


Talking about the Delta variant first identified in October 2020 in India, Arora said it was primarily responsible for the second wave in the country, accounting for over 80 percent of new Covid-19 cases.


The variant emerged in Maharashtra travelled northwards along the western states of the country before entering the central the eastern states. “Though there is a significant dip in the number of cases in most parts of the country, some regions are witnessing a high-test positivity rate particularly in the north-eastern parts of the country several districts in the southern states, most of these cases could be due to the Delta variant,” Arora added.

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Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.

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Amid ruckus, Rajya Sabha, Lok Sabha adjourned till 11 am on Tuesday

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Rajya Sabha was adjourned for the day after witnessing multiple disruptions as several Opposition members trooped into the Well of the House raising slogans protesting over various issues.

Meanwhile, Lok Sabha was adjourned without transacting much business on the first day of Parliament’s Monsoon session as the Opposition, protesting over a host of issues, disrupted proceedings through the day.




The House met at 3.30 pm after repeated adjournments with Electronics Information Technology Minister Ashwini Vaishnaw making a statement amid the din on the Pegasus affair terming media reports about snooping on a number of people as an attempt to malign the Indian democracy.




Speaker Om Birla adjourned the House till Tuesday soon after the minister ended his statement.


As soon as the Upper House reassembled at 3:00 pm, Opposition members entered the Well of the House started raising slogans against the government.





Deputy Rajya Sabha Chairman Harivansh, however, tried to conduct the business amid the din.


Leader of Opposition Mallikarjun Kharge wanted to initiate a discussion under Rule 267 (suspension of rules) but was not allowed by the deputy chairman.


Harivansh noted that the matter cannot be revisited as Chairman M Venkaiah Naidu had already given his decision on it which cannot be reviewed.


Amid the din, Union Minister of Ports, Shipping Waterways Sarbananda Sonowal introduced the The Marine Aids to Navigation Bill, 2021. The Bill seeks to replace an over-nine-decade-old law governing lighthouses.


Subhash Chandra Singh (BJD), Banda Prakash (TRS), Kanakamedala Ravindra Kumar (TDP) GK Vasan (TMC -M) supported the Bill.


As the Opposition parties continued with the sloganeering, the deputy chair adjourned the House for the day.


The Marine Aids to Navigation Bill, 2021 seeks to provide for a fresh framework to establish manage vessel traffic services besides use of the term marine aids to navigation instead of lighthouse to enable further use of modern forms of aids to navigation.


The House witnessed three adjournments before the deputy chair adjourned it for the day.


In the morning, when the House assembled on day one of the Monsoon Session, the proceedings were adjourned for an hour as a mark of respect to departed sitting MPs Raghunath Mohapatra Rajeev Satav.


No sooner did the House reassembled around 12.25 pm, opposition members started raising slogans as Chairman M Venkaiah Naidu was making his opening remarks about the expectations from the current session amid the Covid pandemic.


Amidst the sloganeering, the chairman asked Prime Minister Narendra Modi to introduce the newly-inducted ministers to the House.


However, the protesting members kept raising slogans the prime minister could not introduce the ministers. Several opposition members trooped into the well of the House.


Chairman Naidu had to adjourn the proceedings till 2 pm.


As soon as the House reassembled at 2:00 pm, there were again uproarious scenes, the House was adjourned till 3:00 pm by Deputy Chairmen Harivansh.


Expressing anguish over the conduct of the protesting opposition members, Modi questioned their mentality behind not allowing him to introduce women, Dalit scheduled tribe MPs who have been made ministers.


Modi said that when the new Union ministers belonging to rural background the children of the farming community were being introduced to the House, some opposition party members were not happy.


He said a large number of MPs including women, Dalit those belonging to scheduled tribes have been made Union ministers, but some opposition members do not want to hear their names give them the due honour.


“What is this mentality? he wondered.


The prime minister further said it was for the first time that the House was witnessing “such a mentality”.


As the opposition members continued their uproar, Modi laid the list of newly-inducted ministers on the table of the House.


Meanwhile, the Chairman did not allow the 17 notices by different opposition parties to suspend the scheduled business of the House take up the matters raised by them.


He said it was not feasible to take 17 issues in one go, assured the members that all the important matters would be taken up in due course of time.


But the assurance did not pacify the opposition members, forcing Naidu to adjourn the House till 2 pm.


The new Leader of the House Union minister Piyush Goyal said it was a tradition since the times of first prime minister Jawaharlal Nehru that new ministers are introduced to the House.


Goyal condemned the “behaviour” of the opposition members said such a conduct would be harmful for the democratic traditions of the country.

(Only the headline picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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HDFC Life’s Q1 net falls 33% due to higher provisions claim payout

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Private sector life insurer, HDFC Life, has reported a 33 per cent decline in standalone net profit at Rs 302 crore in Q1FY22. This, due to higher claim payout by the company higher provisions being set aside to mitigate the impact of higher claims because of Covid pandemic. The firm has set up an additional reserve of Rs 700 crore to service further claims.


The company said it has settled around 70,000 claims in Q1FY22, the gross net claims amounted to Rs 1,598 crore Rs 956 crore, respectively. “In the quarter gone by, we witnessed a steep rise in death claims, with peak claims in wave 2 at around 3-4 times of the peak claim volumes in the first wave,” the company said.





According to the company, the provision of Rs 165 crore, which the company had created after Q4FY21, was adequate to meet the liability due to extra death claims during Q1FY22.


“With signs of the second wave receding, over the past month, we have seen a gradual pick-up in economic activity, across parts of the country. We see greater customer engagement an increased interest in life insurance policies,” the company added.


The insurer’s total premium was up 31 per cent year-on-year (YoY) to Rs 7,656 crore, with new business premium up 44 per cent renewal premium up 20 per cent. The new business margin for Q1 FY22 stands at 26.2 per cent, higher than 24.3 per cent in Q1 last year 26.1 per cent in FY21, with the value of new business at Rs 408 crore, a growth of 40 per cent over last year.


The total annaulised premium equivalent (APE) of the insurer was up 22 per cent YoY to Rs 1,561 crore, with individual APE logging a 22 per cent rise in the same period. Assets under management of the company increased by 30 per cent to Rs 1.81 trillion.


The solvency ratio of the insurer at the end of Q1FY22 stood at 203 per cent. “The company has also assessed its solvency position as at the Balance sheet date is at 203 which is above the prescribed regulatory limit of 150%.Further, based on the Company’s current assessment of the business operations over next one year, it expects the solvency ratio to continue to remain above the minimum limit prescribed by the Insurance regulator,” the insurer said.


The thirteenth-month persistency of the insurer has remained stable at 90 per cent in Q1FY22, so has the 61st-month persistency at 53 per cent.

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Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.

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Monsoon Session LIVE: Rajya Sabha adjourned till 11 am on Tuesday

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Parliamentarians in the Rajya Sabha, on the first day of the Monsoon Session of Parliament, in New Delhi (Photo: PTI)

Day 1 of the Monsoon session of the parliament kicked-off on a stormy note as Prime Minister Narendra Modi introduced new Cabinet ministers in the Lok Sabha today. A series of meetings were held on Sunday ahead of the session, indicating the seriousness with which, both the government Opposition parties will approach the session. The Opposition has said future outbreaks of Covid-19 will be discussed, along with gaps in government strategy that led to the second wave. Loss of livelihood, businesses closing down, the steps the government has taken to prevent this in the form of various measures, will also be flagged.


Meanwhile, torrential rains wreaked havoc in Mumbai yesterday leaving 33 dead six others injured in five separate incidents of landslides, electrocutions a house collapse. The downpour began in the early hours of Sunday continued through the day. The India Meteorological Department (IMD) has predicted moderate to severe thunderstorms with lightning at isolated places over Uttar Pradesh, Gujarat, Madhya Pradesh, east Rajasthan during the next 24 hours, warned of casualties to people animals staying outdoors.


Stay tuned for the latest news of the day.

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