Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
The 12-member team includes seven senior executives of MindTree, including Soota himself, three from Wipro and one from Infosys.
The rally in mid- and small-cap stocks has spilled over into the IT sector as well. Second and third-tier IT stocks, which historically traded at a discount to the big five IT companies, are now trading at nearly 25 per cent premium to their large-cap peers. The smaller IT companies have a price-to-earnings (P/E) multiple of nearly 38 times against the big five's current P/E multiple of around 31x.
'It is not about what you create for yourself, it is what you leave behind that defines success.'
The Harvard Business School students will soon learn case studies based on success stories from India Inc.
To increase local talent mix in the US like their major peer Infosys
The June quarter turned sour for MindTree as forex losses pushed the company into the red despite logging strong growth in revenues.
The Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
Subroto Bagchi, author of the recently published book 'Go Kiss the World -- Life Lessons for the Young Professional' talks about India's youth, why they need to be self-confident and why hire and fire policies are not good for the growth of Indian companies.
'There is large-scale sacking, and salaries in smaller companies are lower than the minimum wages of Rs 18,000 a month.'
Fifty Indian companies, including job portal Naukri.com, MakeMyTrip and consultancy firm MindTree are vying for the Red Herring Asia 100 award for excellence in technology.
In a scenario where the stock markets are being ravaged across the world, the MindTree stock which debuted on BSE on Wednesday listed at a premium of more than 40 per cent while the other stocks which opened for listing traded below the listing price
V G Siddhartha's wife has the support of the employees. But the challenges ahead of her are tough.
Happiest Minds expects revenue to touch $100 mn in 3 years, the fastest in India's tech services sector.
Most of the large mid-caps share similar business model as the large-caps and have more of less similar set of clients.
Experts say most IT companies give a list of do's and don'ts.
Issuing a travel advisory, the health ministry also called for passengers with travel history to China, Hong Kong, Republic of Korea, Japan, Italy, Thailand, Singapore, Iran, Malaysia, France, Spain and Germany to undergo self-imposed quarantine for a period of 14 days from the date of their arrival, and their employers to facilitate work-from-home for such employees during this period.
Define your purpose in your mind, and from thereon, it becomes easy to scale, says entrepreneur Subroto Bagchi who recently released his fifth book The Elephant Catchers.
It has been also revealed that V G Siddhartha had written a letter to the Board of Directors and employees of Coffee Day Enterprises, saying he had 'failed as an entrepreneur'.
In the mid-tier space, clients with weak balance sheets are likely to ask for price revision apart from delay in payment.
HR experts estimate that up to 70 per cent companies in the manufacturing and services space including sectors like auto components, edutech and construction equipment are looking to restore the salary cuts over the next couple of months.
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.
Ashok Soota of Happiest Minds shares the secret recipe with us.
Siddhartha alleged in his letter that there was a lot of harassment from the previous DG Income Tax in the form of attaching "our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although revised returns have been filed by us".
Employees are increasingly becoming more active and vocal for solving everyday issues as well.
Employees are increasingly becoming more active and vocal for solving everyday issues as well.
Learn from your successes more than your failures remarked Ashok Soota at an event held in Bangalore.
Young Indians must preserve our intellectual legacy and strive towards creating an India where jobs will provide hope and security, feels bestselling author and founder of MindTree, Subroto Bagchi.
Blame it on improved business climate, restructuring within companies or just the basic need to pursue better opportunities -- the Indian information technology industry is seeing heavy churn at the top.
Ashok Soota, founder chairman of MindTree, who recently left the company he co-founded in 1999, is preparing the grounds for his new venture.
Shortly after the twin earthquake-tsunami that hit Japan, Indian IT firms had started calling back employees.
Though a weak dollar will lend some support to revenues and margins in FY21, the demand environment will outweigh any gain.
Wipro has emerged as the leader followed by HCL , Patni, Infosys , Mahindra Satyam and MindTree in the rating of global R&D service providers across various countries like India, China, Russia and Eastern Europe, according to a study.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
Happiest Minds, expected to be formally launched for customer delivery in five months, would have six lines of businesses, namely IT services, R&D services, product engineering services, remote infrastructure management, testing and consulting.
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 purported letter, which is believed to be the final note by the late promoter and widely circulated on social media, contained statements alleging harassment on VG Siddhartha by the Income Tax department.
Ashok Soota, one of the co-founders of MindTree and a veteran of the IT industry knows what it takes to try and reach $100 million in five years -- his ambitious goal for his new company titled 'Happiest Minds.'
Microsoft Corp on Thursday announced the India launch of its software Office 2010, which incorporates the popular Word, Excel and Powerpoint applications.
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