A quick and decisive action in such incidents augurs well for the IT industry, feels the Nasscom Chairman.
The software body, which represents the $100 billion Indian IT-BPO industry, has also appointed MindTree CEO Krishnakumar Natarajan as the vice chairman of the executive council.
Ever since MindTree, the mid-sized information technology and research services firm, acquired Aztecsoft in 2008, it has had a clear strategy in mind.
The June quarter turned sour for MindTree as forex losses pushed the company into the red despite logging strong growth in revenues.
According to a source, the founders, which include Subroto Bagchi, N S Parthasarathy and Krishnakumar Natarajan (who together hold about 13 per cent), may look at selling their shares as well in the open offer that concludes on June 28.
With this rejig, Mindtree's board will now have 12 board members from eight.
Reports had suggested that the construction major had asked Ravanan to step down as the new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company.
This decision was taken at Executive Council meeting of National Association of Software and Service Companies held in Pune.
L&T -- which has two subsidiaries L&T Infotech and L&T Technology Services -- is keen to bring Mindtree under its fold to exponentially raise its client base and product offering.
L&T received bids for 5.54 crore shares on Thursday at the close of market hours. This is 108.09 per cent higher than the total offer, as per information available on the BSE. The open offer - for Rs 980 a share - opened on June 17 and is scheduled to close on Friday.
Chatterjee said the compNY is not aware of any major client concerns at this point.
Software industry body Nasscom on Wednesday appointed Cognizant India Executive Vice Chairman R Chandrasekaran as its Chairman for the year 2014-15.
Sikka ranks 35th in the list.
IT industry body Nasscom said it is quite hopeful the final contour of the bill would be much more balanced than it is at present.
The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt.
Siddhartha's knack for value investment dates back to 1995 when he infused capital in Kshema Technologies, which was acquired by MphasiS. He also took an early exposure in Mindtree way back in 1999. Since 1995, he had invested in more than 15 technology companies including chip-designing firm Ittiam Software, and GlobalEdge Technologies, among others, says Debasis Mohapatra.
It is expected growth will primarily be driven by continued demand from the US, a revival in the European market, especially continental Europe, and increased momentum in the adoption of new technologies.
Even as government projects aren't lucrative from a revenue perspective, companies fight with each other to bag the contracts
Delhi Chief Minister Arvind Kejriwal undertook a course in naturopathy in Bengaluru recently. We take a look at what the treatment involves.
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