IT firm HCL Technologies on Tuesday denied reports of any management rejig. In a filing to BSE, the company said: ?As a one-time exception to our stated policy of not responding to speculations and rumours, HCL Technologies confirms that Vineet Nayar is and will continue to be the vice-chairman and CEO of the company and there is no change in the same.?
The clarification has come days after a Morgan Stanley Research claimed Nayar may delegate some of his key responsibilities to Anant Gupta, who currently heads infrastructure services division of the IT firm. Reports also said that Nayar may not be as active in reviewing business plans for the coming year as in the past.
Nayar had sold 2.7 million equity shares of R2 each, or 0.39% stake in the company, for R133 crore on June 7. He had also sold 10 lakh shares in the open market for R31.40 crore in 2009 to fund philanthropic activities.
In May this year, Nayar was given the additional designation of joint MD for a period of five years, providing visibility to his role in the firm over the medium term.
?We believe there could be a change in management responsibilities at HCL Technologies in the near future. The change could be announced as early as July or August when the company announces its full year results,? Morgan Stanley Research had said in a note to its clients.
