Onward Technologies Limited reappoints Mr. Harish Mehta as Executive Chairman

Based on the recommendations of the Nomination & Remuneration Committee, the Board of Directors of Onward Technologies Limited at their meeting held on May 14, 2021 has approved the re-appointment of Mr. Harish Mehta (DIN: 00153549) as a Whole Time Director designated as an Executive Chairman of the Company for a further period of five (5) years with effect from May 14, 2021, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

Further, the Board has also approved his revised terms and conditions of payment of remuneration for a period of three (3) years w.e.f. May 14, 2021, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

Mr. Harish Mehta is the founder of Onward Group and has led, grown and mentored two generations as Managing Director and Chairman of this technology Company. He was the Deputy Chairman and Managing Director of Onward Novell Software (I) Ltd. (1993-2005), a 50:50 JV between Onward Group and Novell, Inc. (2nd largest personal software company globally then). Previously, Mr. Harish Mehta was one of the chief architects of the Hinditron-Digital (DEC) JV in India in 1987.

He was driving force behind galvanising the IT industry in India by co-founding NASSCOM, the IT industry association of India. NASSCOM started from his office and was formally established in 1988. He is a founder member, the first elected Chairman and now the Convenor of Chairman's Council of NASSCOM. He was honoured by the PM Mr. Narendra Modi, for 25 years of exemplary contribution to Indian IT.

Mr. Mehta Introduced the Indus Entrepreneurs (TiE), a Silicon Valley based Organisation, to Mumbai, and he was the First President of TiE - Mumbai (1999). He also served on the TiE Global Board from 2001-2002. He continues to be an active mentor for TiE Mumbai as convenor of its President Council. He is a director of Indian Angel Network (IAN), the world's largest and most active angel investors group. He is a former Expert Advisor at Small Industries Development Bank of India (SIDBI) for its Fund of Funds Operations. He is also a former Director of Gujarat Venture Funds Limited and a founding member of Infinity Venture Fund, India's first corporate VC fund.

He was director at The College of Engineering, Pune. (2010-2015). He was awarded 'CEO of the Year' in 1994 by NMIMS, Tata HRD Network and World HRD Congress. He was honoured with a Life Time Achievement Award for HR Excellence by Deccan Herald in 2004. He was also honoured with a Life Time Achievement Award by IMC Chamber of Commerce and Industry in 2018.

He holds a Bachelor's degree in Electrical Engineering from College of Engineering, Pune and a Masters in Computer Science from Brooklyn Polytechnic Institute, NY.

Shares of ONWARD TECHNOLOGIES LTD. was last trading in BSE at Rs.124.85 as compared to the previous close of Rs. 120.15. The total number of shares traded during the day was 23042 in over 759 trades.

The stock hit an intraday high of Rs. 132 and intraday low of 116.35. The net turnover during the day was Rs. 2918938.

Source : Equity Bulls

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