Vineet Nayar steps down from HCL Tech Board

New Delhi: IT industry veteran Vineet Nayar on Friday stepped down from the board of country's fourth largest software services firm, HCL Technologies, to devote more time to his foundation.

Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

He will advise HCL Corporation on key strategic issues and work with the Board of HCL Technologies on initiatives like driving a high performance culture amongst senior managers and new strategies for growth. "Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation, has inspired many others to think and dream big.

"His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of him," HCL Technologies Chief Strategy Officer and Chairman Shiv Nadar said.

More than two decades after joining HCL Technologies, Nayar stepped down from the post of CEO in January this year to make way for the next generation of leaders to steer the company.

He, however, continued to work as Vice-Chairman and Joint Managing Director of the company. "I am grateful to Shiv, Board Members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and Vice Chairman," Nayar said.

Nayar had sold his entire stock holding in HCL Technologies for about Rs 134 crore in June 2012 and used the money for his non-profit organisation Sampark.

"As I pursue my dream, of creating a 'Million Smiles' through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning," he said. Nayar had joined HCL in 1985 after getting his MBA from XLRI. He founded Comnet, where he incubated the remote infrastructure management (RIM) industry in 1993. He is known for his 'employees first, customers second' philosophy, which became a core of HCL Technologies' policies and practices. In 2005, Nayar became President of the company and it was under his leadership that the company expanded to become an USD 4 billion entity employing over 87,000 people across the globe. 

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C K Birla steps down as chairman of Hindustan Motors

Kolkata: Two days after the company's AGM for the extended 18-month financial year, C K Birla on Monday stepped down as chairman of the ailing automobile company Hindustan Motors (HM) Ltd.

While Birla did not reply to reporters' queries after the company's AGM (annual general meeting), the company's Managing Director and CEO Uttam Bose said that it was becoming very difficult for the company to manage daily operations due to poor cash flow.

Monday's decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the company said in a statement.

Bose had said the company needed to restructure the business by demerging the Chennai and Uttarpara operations for which HM was seeking strategic investors for both the units.

During the 18-month period under review beginning April, 2012 and ending September 2013, HM incurred a loss of Rs 71.20 crore as compared to a loss of Rs 29.96 crore in FY2011-12.

The company's accumulated losses have exceeded its net worth at the completion of the extended financial year ended September 30, 2013.

Birla was appointed as chairman of HM in November 1997. Birla had also relinquished the post of directorship in the company. 

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