Mindtree co-founders Ravanan, Natarajan and Parthasarathy resign

Mindtree co-founders Rostow Ravanan, Krishnakumar Natarajan and NS Parthasarathy has resigned from their position as board of directors and also employees of the firm.

In an exchange filing, Mindtree said, “Krishnakumar Natarajan, Executive Chairman; NS Parthasarathy, Executive Vice Chairman and Chief Operating Officer; and Rostow Ravanan, CEO and Managing Director, have submitted their resignations as members of the Board of Directors of Mindtree and as employees of the company. They will stay as Board members till July 17 and as employees in line with their employment contracts to ensure smooth transition. Along with the other founders of the company, they have asked the company to de-classify them as promoters under applicable laws.”

This comes right after L&T became the promoter of the company officially with 60.06 percent stake. It is unclear who will be now take over as the CEO of Mindtree after the leadership resigns.

The two names in the running are former Cognizant President Rajeev Mehta and for Mindtree CEO Anjan Lahiri, reports suggest.

After acquiring 28.90 percent from Siddhartha and through open market transactions, L&T got a little over 31 percent from the open offer.

Last month, Mindtree's board appointed five new directors, including SN Subrahmanyan, L&T CEO and Managing Director. The other new board members include Jayant Damodar Patil, who was appointed as a Non-Executive Director.