Ashok Soota may liquidate his MindTree stake: Sources

Ex-executive chairman of MindTree Ashok Soota is likely to sell his stake in the company, reports CNBC-TV18's Kritika Saxena quoting sources. Soota owns 11.1% stake in the company valued at Rs 210 crore at current market price. "The Board of Directors decided that the new Chairman will be elected when the Board meets in April 2011," the company said in a statement. Soota may sell his stake post the company's April board meeting, inform sources adding, Soota may use the funds generated by the stake sell for a new venture. 

Soota, one of the 10 founders of MindTree, resigned last Friday, causing surprise and concern among investors and employees. When contacted, the MindTree management declined to comment on the reports.