Finally, there was the excellent rapport between the founding team and the key investors, the two VCs in Walden Software and Siddhartha. So when the crunch came in , why did Siddhartha choose to sell his crucial Siddhartha was forced to sell his shares because of a sudden liquidity squeeze in the lending markets , triggered by defaults in payments by Infrastructure Leasing and Financial Services Ltd in August. With repayment deadlines fast approaching, he needed to monetize his holding in Mindtree at the earliest.
However, none of the dozen-odd private equity firms, sovereign funds and long-term funds which were interested in buying his shares was okay with a complex deal.
This was because for any sale to take place, the potential buyer needed to pay for the unpledging of the shares before buying them or at least agreeing to an arrangement wherein the shares stayed with the banks even while the transaction to sell them was underway.
Narayana Murthy, S. Shibulal, and Krish Senapathy Gopalakrishnan to pick up some shares," said a former Infosys executive. But the founders Mindtree thought nothing will happen to them. What is clear is that their inability to buy the shares of the five co-founders who exited the company over the years, in the process leaving the current founders with just Thus, when Soota exited in , he sold his substantial Ditto for Kalyan Banerjee and Anjan Lahiri, who together sold 2.
Will combining the three firms be enough to compete against the large IT firms? The downside risk is in the cultural mismatch. Never miss a story! Stay connected and informed with Mint. Download our App Now!! It'll just take a moment. Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image. But the crisis is far from over. But Sethi says he still remains bullish about the company.
They just need to get their focus right. This story appears in the 25 February, issue of Forbes India. You can buy our tablet version from Magzter. To visit our Archives, click here. Something seems to have gone had gone horribly wrong at MindTree, I cant understand Mr Subroto Bagchi, he talks so much about his principles of management in many newspapers but the same management gyan seems to be totally missing in his own companies.
Strategy and direction giving way to lacklustre performance and poor show by the companies blue-blooded cast of senior IT professionals. As expected by every student in our class the venture was doomed. May god save this company. Befoe syaing anythign else i would like to say first that Journalists and specially Indian Media needs to pray to God they don't get bitten or abused again by people ever, as they are facing since the time they existed becoz they are bunch of Jokers thats all..
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