Hughes Soft promoter gifts 6% stake to own trust

K V Ramani donates 2,085,334 equity shares to Shirdi Sai Trust.

Chennai-based K V Ramani, one of the promoters in Hughes Software Systems, has donated 2,085,334 equity shares constituting 6.13 per cent equity stake in the company to Shirdi Sai Trust - a trust run by him. Ramani is the CEO and chairman of Future Software Ltd, a leading provider of telecom communications software services and solutions which he found in 1985.

Speaking from Chennai, Ramani said : "We have been running the trust for the last seven years which is meant for orphaned children, physically handicapped and economically weaker sections of the society. My aim in donating is primarily to ensure that the corpus of funds available in the trusts becomes larger so that we can do more work".

Ramani said that the trust has the right to either sell the shares or to get dividends from them. That money will then be added to the corpus which in turn can be invested in government approved securities.

Hughes Software CEO Arun Kumar declined to comment on the issue. Hughes Software yesterday informed the exchange that they were in receipt of notices dated August 20, 2004, from Shirdi Sai Trust, informing them that they have received by way of donation, 1,800,000 equity shares from Digital Holdings Private Limited and 2,85,334 equity shares from Digital Networks (India) Pvt Ltd aggregating to 2,085,334 equity shares, being approximately 6.13% of the paid up capital. capital of the company.

Ramani, who is a staunch devotee of Shirdi Sai Baba, pointed out that last year the trust helped over 1000 students to pursue their studies by funding their education. It also helped over 350 people who wanted medical attention by funding their treatment. He also pointed out that as a matter of policy the trust does not take any donations from the public at all.