Bhubaneswar: Subroto Bagchi, Chairman of Odisha Skill Development Authority (OSDA) resigned from his post on Sunday. He’ll return to handle the crisis at Mindtree, Company he had co-founded two decades back. The mid-sized IT company is facing a takeover bid from rival IT company L&T Infotech. He is likely to attend the board meeting scheduled to be held on 20th of this month at Bangalore.
Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance. I need to be there in its time of difficulty. Hence the hard decision to return
— Subroto Bagchi (@skilledinodisha) March 17, 2019
An imminent threat of hostile takeover of Mindtree has made me to resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers & saw chains to cut it down so that in its place, they can build a shopping mall.
— Subroto Bagchi (@skilledinodisha) March 17, 2019
“An imminent threat of hostile takeover of Mindtree has made me to resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers & saw chains to cut it down so that in its place, they can build a shopping mall.”
“Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance. I need to be there in its time of difficulty. Hence the hard decision to return” he twitted.
The Board Meet scheduled on the coming Wednesday will consider a proposal to buy back its fully paid-up equity shares from the market, the company said in a regulatory filing on Friday. The move comes at a time when Larsen and Toubro Ltd is in advanced talks to buy out a 20.4% stake held by Café Coffee Day (CCD) founder V.G. Siddhartha, the group’s flagship Coffee Day Enterprises Ltd and its step-down subsidiary Coffee Day Trading Ltd.