Mindtree founders Krishnakumar Natarajan, N S Parthasarathy and Rostow Ravanan have resigned from the companys board and executive roles following a “hostile” takeover by engineering major Larsen and Toubro (L&T).
On Wednesday, L&T received promoter status in the mid-tier IT services firm as the company increased its stake to 60.06%. L&T secured 51% stake in the company about a week ago after key institutional investor Nalanda Capital offloaded entire 10.6% stake and other significant investors sold their stakes in the open offer, after it picked up 20.32% stake from Cafe Coffee Day owner VG Siddhartha.
“Krishnakumar Natarajan, Executive Chairman, N S Parthasarathy, Executive Vice Chairman and Chief Operating Officer and Rostow Ravanan, CEO and Managing Director have submitted their resignations as members of the Board of Directors of Mindtree Ltd and as employees of the company. They will stay as Board members till 17 July 2019 and as employees in line with their employment contracts to ensure smooth transition,” said the company in a filing to the BSE.
All of them have also asked the Mindtree board management to de-classify them as promoters.
Mindtree said it would announce a new leadersh