Mindtree board meeting adjourned sans decision

No mention about date of next board meeting

BANGALORE: The ongoing disturbing developments that posed threat to the very ownership of the company may have unnerved the board members of Mindtree that has been in the heart of the latest corporate takeover controversy.

Wednesday’s (March 20) board meeting of Mindtree convened to consider the proposed buyback of equity shares of the company ended without any conclusion on the issue.

“A stock market regulatory filing by the company said, “Following detailed discussions, the meeting has been adjourned to a future date.”

However, there was no mention about the date of the next meeting either.

The company said in its filing that no decision has been taken in relation to the proposed buyback of equity shares. The meeting was convened at a time when the L&T’s hostile bid to buy into Mindtree has been making headlines and the company obviously opposing the , terming the L&T move as ‘value-destructive’ for all shareholders.

The whole development took a crucial turn after L&T bought 20.4 per cent stake in Mindtree on Monday (March 18) from Café Coffee Day founder VG Siddhartha for about Rs3,300 crore.

 

 

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