Subroto Bagchi resigns from Odisha Government, Will return to MindTree

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Bhubaneswar: Subroto Bagchi, Chairman of Odisha Skill Development Authority (OSDA) resigned from his post on Sunday. He’ll return to handle the crisis at  Mindtree, Company he had co-founded two decades back. The mid-sized IT company is facing a takeover bid from rival IT company L&T Infotech.  He is likely to attend the board meeting scheduled to be held on 20th of this month at Bangalore.

 

 

“An imminent threat of hostile takeover of Mindtree has made me to resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers & saw chains to cut it down so that in its place, they can build a shopping mall.”

“Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance. I need to be there in its time of difficulty. Hence the hard decision to return” he twitted.

The Board Meet scheduled on the coming Wednesday will consider a proposal to buy back its fully paid-up equity shares from the market, the company said in a regulatory filing on Friday. The move comes at a time when Larsen and Toubro Ltd is in advanced talks to buy out a 20.4% stake held by Café Coffee Day (CCD) founder V.G. Siddhartha, the group’s flagship Coffee Day Enterprises Ltd and its step-down subsidiary Coffee Day Trading Ltd.

 

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