Mindtree shareholders approve dividend, appointment of LT officials on board

July 17
04:56 2019

The Mindtree and L&T saga has finally come to an end with co-founders of the former set to step down as board members effective July 17.

Mindtree shareholders have approved the appointment of new board members from L&T with an absolute majority of 98-99 percent.

SN Subrahmanyan, R Shankar Raman and Jayant Damodar Patil are now non-executive chairmen on the Mindtree board. The shareholders have also approved a total dividend of Rs 27 proposed by Mindtree for FY19.

Investors Moneycontrol spoke to see the takeover in the positive light and believe Mindtree could benefit from L&T as its parent.

Only about two percent of investors were against the appointment of Subrahmanyan (CEO of L&T) and Shankar Raman (CFO of L&T) as board members.

What investors expect from the Mindtree board meeting on July 17

As the company prepares to announce its quarterly result on July 17, the primary question in investors mind will be who takes over the leadership?

The current leadership Rostow Ravanan, Krishnakumar Natarajan and NS Parthasarathy, have resigned as key management personnel CEO, Chairman and COO, respectively effective July 17.

According to a source, the board meeting tomorrow to announce the company’s quarterly results will also discuss the next leadership.

The two names in the running are former Cognizant President Rajeev Mehta, Debashis Chatterjee, a former senior executive of Cognizant Technology Solutions and former Mindtree CEO Anjan Lahiri, reports suggest.

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