After L&T's takeover bid, Mindtree may still go ahead with buyback plan

After the “hostile” takeover bid by engineering major L&T for Mindtree, the management of the Bengaluru-headquartered firm still sees a possibility of going ahead with its proposed buyback offer with some procedural clearance. The company, which is holding its board meet on Wednesday, will deliberate on legal recourse available before it to thwart the takeover bid.

“According to the legal advice, which we have got, if an open offer is made at the time of a proposed buyback, the proposal has to be approved by 75 per cent of shareholders. Procedurally, it is possible but it has to cross certain