Mindtree, Ashok Soota clarify position on stake sale and future plans

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Mindtree, Ashok Soota clarify position on stake sale and future plans

Mindtree and Ashok Soota clarify position on stake sale and future plans.

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MindTree & Ashok Soota clarify position on stake sale and future plans

MindTree Limited, a global IT Solutions and Product Engineering Services company and Ashok Soota Executive Chairman who has resigned effective March 31, 2011, today jointly clarified their position on speculation arising from the departure of Soota.

Krishnakumar Natarajan, CEO & MD, MindTree Limited said, "After the resignation of Mr. Ashok Soota from MindTree, there has been speculation on the sale of his stake in MindTree, his future plans & impact, if any, on MindTree." He added, "This press release is jointly issued to set at rest the speculation on these matters."

Ashok Soota, outgoing Executive Chairman, MindTree Limited clarified, "I have no immediate plans for the divestment of my stake in MindTree. I will, in due course of time, divest my stake in a manner which will not jeopardize MindTree. The proceeds of the divestment will be used towards funding my new NGO and the new business venture which I will soon announce."

Krishnakumar Natarajan added that "We are confident that if Mr. Soota enters into areas competing with MindTree and some MindTree employees were to join him, the start-up operation would have no material impact on MindTree's business. MindTree has built strong capabilities & excellent customer relationships, which will take MindTree to greater heights."

Natarajan spoke on behalf of the MindTree leadership, "We wish Ashok the best for his future plans." Soota reciprocated the sentiment by wishing the best for MindTree's future.