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MUMBAI: IT major, Patni Computer Systems Ltd, said that Mr Gajendra K Patni and Mr Ashok K Patni, have ceased to be executive directors of the company with effect from October 1.

Both of them have been designated as 'founder directors' and in a non-executive capacity, Patni Computer said in a communication to the Bombay Stock Exchange (BSE).

The corporate grapevine has been abuzz with speculation for some time now that both the brothers are close to offloading a part of their stake to foreign investors.

However, the company in a statement issued here said "Patni Computer Systems has not been informed by any of its large investors of their intent to offload any stake in Patni."

It went on to add that as a policy, the company did not comment on market speculations.

Mr Narendra Patni, another brother, is presently the Chairman and Chief Executive Officer of the company. While Mr Gajendra and Mr Ashok Patni together hold around 29 per cent stake in the company, its Chairman Mr Narendra Patni holds a little over 14 p er cent. - PTI

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