L&T has finally managed to get three seats on the board of its takeover target Mindtree with its CEO and Managing Director, SN Subrahmanyan, coming in as a non-executive director.

But the biggest casualty of the boardroom battle is the co-founder of Mindtree, Subroto Bagchi, who has decided not to seek re-election as a director. Bagchi will remain on the board till his tenure ends on July 16.

In a notification to the BSE, Mindtree said five new directors have been appointed to the board. It is not yet known whether the rest of the co-founders, including CEO Rostow Ravanan, Chairman Krishnakumar Natarajan, and NS Parthasarathy, will continue to serve on the board.

The other new members from L&T on the board are: Jayant Damodar Patil, a whole-time director and senior executive vice-president of L&T’s defence business; and Ramamurthi Shankar Raman, a whole-time director and chief financial officer of L&T. Both have been appointed as non-executive directors.

The others appointed to the board are: Prasanna Rangacharya Mysore and Deepa Gopalan Wadhwa, as independent directors. Mysore served as the chief legal advisor to L&T between 1991 and 1998. Wadhwa is a former IFS officer. Their tenure begins on July 16.

With the restructuring of the board, Mindtree co-founders and L&T will have three members each on the board and there will be two independent directors. Earlier, there were four co-founders and four independent directors on the board. Mindtree co-founders have close to 13 per cent stake in the company, while L&T has 28.90 per cent stake.

L&T’s open offer to buy 31 per cent in Mindtree for ₹980 per share commenced on June 17 and will end on June 28.

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