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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
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Delayed NSE India Stock Exchange  -  07:27 2022-08-16 am EDT
958.20 INR   +0.19%
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HCL Technologies : News Verification

01/24/2022 | 02:14am EDT

January 22, 2022

Mr. Binoy Yohannan

Chief Manager Surveillance

National Stock Exchange of India Limited

Exchange Plaza, C-1, Block G,

Bandra Kurla Complex

Bandra (E), Mumbai 400 051

Sub: Clarification of on News Item

Dear Sir,

This is with reference to your letter with Ref. No. NSE/CM/Surveillance/11596 dated January 21, 2022, seeking clarification on a news item appearing in Newspaper Mint on January 20, 2022, captioned "NCLAT stays insolvency proceedings against HCL Tech".

We would like to state that there was a matter of general contractual/commercial dispute with one of the vendors of the Company for a meagre amount of Rs. 3.54 crores dating back to 2015-18, for which the vendor incorrectly took the dispute to the Hon'ble National Company Law Tribunal (NCLT). NCLT, New Delhi passed an order for initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code, 2016. The Company, on receipt of this order, immediately filed an appeal with the National Company Law Appellate Tribunal (NCLAT), New Delhi. NCLT's order was stayed by NCLAT on January 19, 2022, which was within a period of less than 24 hours from the receipt of the NCLT Order by the Company. Referring to NCLT's order, the Hon'ble NCLAT has noted in its order (point no. 4) that "The Adjudicating Authority proceeded to decide the dispute between the parties like a civil court which ought not to have been done." Copy of the NCLAT order is attached for reference.

With this background, it is respectfully submitted that no event has occurred that has triggered an obligation for the Company to make a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015. The Company being very mindful of its obligations and its standards of corporate governance, will make the appropriate disclosures to the stock exchanges at the appropriate time should it become obliged to in accordance with the SEBI Listing Regulations.

This is for your information and records.

Thanking you,

Yours faithfully,

For HCL Technologies Limited

Manish Anand

Company Secretary

Encl. Copy of the NCLAT Order

Disclaimer

HCL Technologies Limited published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 07:13:06 UTC.


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Financials
Sales 2023 983 B 12 366 M 12 366 M
Net income 2023 140 B 1 764 M 1 764 M
Net cash 2023 174 B 2 189 M 2 189 M
P/E ratio 2023 18,5x
Yield 2023 4,33%
Capitalization 2 594 B 32 630 M 32 630 M
EV / Sales 2023 2,46x
EV / Sales 2024 2,21x
Nbr of Employees 210 966
Free-Float 38,7%
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Mean consensus OUTPERFORM
Number of Analysts 43
Last Close Price 958,20 INR
Average target price 1 094,33 INR
Spread / Average Target 14,2%
EPS Revisions
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C. Vijayakumar President, Chief Executive Officer & MD
Prateek Solek Aggarwal Chief Financial Officer
Roshni Nadar Malhotra Chairman
Hanumantha Rao Gade President-Engineering, R&D Services
Kalyan Kumar B. Chief Technology Officer & Corporate VP
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