Soota to sell MindTree stake in “due course of time“
25 March 2011
Outgoing chairman and co-founder of MindTree Ltd, Ashok Soota, is not selling his stake immediately but would do so in "due course of time" without it impacting MindTree operations.
"I have no immediate plans for the divestment of my stake in MindTree," Soota said in a joint statement with the company.
As of 31 December Soota, who is one of the company's nine co-founders, held an 11.1 per cent stake in the company.
According to MindTree chief executive and managing director, Krishnakumar Natarajan, the clarification would put to rest market speculation over any stake sale by Soota impacting the company's business.
Soota had on 28 January announced in a press statement that he wished to step down from the role of executive chairman, citing personal reasons. MindTree's board accepted his resignation, effective 31January, three days later.
According to analysts the resignation was "seemingly abrupt" indicating a discord between him and the management. Investors too have been feeling nervous with the company's stock down nearly 30 per cent since the announcement of his resignation.