According to the Managing Director and Chief Executive Officer Rostow Ravanan, Mindtree Ltd’s large shareholders completely showed interests in aligning with the IT companies.
CEO Rostow Ravanan said, “they’re very vocally supporting us because this team, through strategy and culture of the company, has delivered exceptional results, to quote one of the shareholders who spoke to the media yesterday.”
The takeover bid by Larsen & Toubro Ltd, the board of Mindtree called off its share buyback plan this Tuesday and declared the constitution of a  panel of independent directors asked to provide recommendations.
As per the law of Independent Directors to form a committee, there was a very specific obligation to make a recommendation to the shareholders on L&T’s offer price, said Rostow.
The Board meeting noted that all the Independent Directors will be Members of the IDC, and the IDC has elected Mrs. Apurva Purohit, Lead Independent Director, as the Chairperson of the  IDC and spokesperson. The IDC will consider and evaluate all aspects of the unsolicited offer, taking into account all relevant facts, circumstances, data related to the Company and industry and the interests of all stakeholders involved.
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