MindTree formed the committee to give its suggestion on the open offer for the consideration of shareholders.
Lead independent director Apurva Purohit, who is also Jagran Prakashan’s President, in a statement, said, “The committee held its first meeting today and has appointed Khaitan and Co. as its independent legal counsel and ICICI Securities as its independent financial adviser to provide assistance in the matter. The written reasoned recommendations on the open offer shall be provided within the timeline and as per the guidelines laid down by the Securities and Exchange Board of India.”
“This committee will discharge the legal obligations placed on the independent directors under the prevailing regulations with respect to providing reasoned recommendations on the offer,” Purohit said.
Mindtree Executive Chairman Krishnakumar Natarajan in an interview had said the company’s board was evaluating “several options” to find the way out of the L&T’s hostile bid and made it clear the diversified group is yet to come up with any proposal to address the concerns.
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