New Delhi: Vineet Nayyar, Managing Director of IT services firm Tech Mahindra has donated a third of shares in the company, converted from employee stock option plan (ESOP) in the past, worth over Rs. 30 crore to a Delhi-based charitable organization run by his wife, reports Economic Times.
He has gifted 3.5 lakh shares, which is worth Rs. 31.78 crore as per the closing price of Tech Mahindra shares on Wednesday at NSE, to Essel Social Welfare Foundation. Essel Social Welfare Foundation, an umbrella organization to many other NGOs, supports education of underprivileged children, including the girl child and the visually handicapped. It is run by Reva Nayyar, a retired bureaucrat who has in the recent past been involved with ministry of woman and child development and has been instrumental in enactment of policies and legislation pertaining to women and child welfare.
Vineet Nayyar when contacted by Economic Times said, "I have been associated with the organization for the past few years and trying to help these children in whatever way I can." This donation is large even by the standards set by bigger companies in the country. Most Indian companies donate in the range of Rs. 1-5 crore annually. As per disclosures made by public-listed firms, just three firms, Reliance Industries, Jindal Steel and Power and Jaiprakash Associates, had donated more than Rs. 30 crore each for the year ended March 31, 2009.
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