Mindtree share sale clears tax hurdle

The income tax department has released 74.90 lakh attached shares of Mindtree, paving the way for V. G. Siddhartha, the promoter of Coffee Day Enterprises, to sell his stake in the IT firm.

However, in a parallel move, the tax authorities attached nearly 46.02 lakh shares held by Siddhartha in Coffee Day Enterprises over a potential tax demand. It is not immediately clear if these are in lieu of the shares that were released.

Last month, the income tax department had attached 74.90 lakh shares of Mindtree, of which 22.20 lakh shares were owned by Coffee Day Enterprises and 52.70 lakh shares by Siddhartha.

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