L&T praises Mindtree founders, backs dividend payout

Addressing Mindtree shareholders at the company’s 20th annual general meeting (AGM) on Tuesday, SN Subrahmanyan, the CEO and MD of Larsen & Toubro, complimented the founders of the company for creating a billion-dollar business.

L&T acquired a 60.06 per cent stake in Mindtree after mounting a hostile bid.

Following this, the top brass of the latter, including Chairman Krishnakumar Natarajan and CEO Rostov Ravanan, submitted their resignations.

“Mindtree has substantially overtaken peers founded in the 80s and 90s to stand out among mid-tier IT firms as exceptional on business positioning, perception and maintaining impeccable governance standards and reputation across all stakeholders,” Subrahmanyan said in his maiden address to the shareholders.

Mindtree, as the latest entrant to the L&T family of firms, will continue to have an independent management, unique culture and committed ‘Mindtree minds’, he said.