Outgoing executive chairman of MindTree Ashok Soota, who quit the firm earlier this year and surprised the IT industry, on Thursday said that he has no immediate plans to divest his stake in the company. Soota owns 11.1% stake in the company.
?I will, in due course of time, divest my stake in a manner which will not jeopardise MindTree. The proceeds of the divestment will be used towards funding my new NGO and the new business venture which I will soon announce,? he clarified, in a joint statement with CEO and MD Krishnakumar Natarajan.
Ashok Soota?s resignation is effective from March 31, 2011.
The resignation had sparked speculation about stake sale, his future plans and impact on MindTree.
?We are confident that if Soota enters into areas competing with MindTree and some MindTree employees were to join him, the start-up operation would have no material impact on MindTree?s business. MindTree has built strong capabilities and excellent customer relationships, which will take MindTree to greater heights,? Krishnakumar Natarajan said.
