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I-T dept's action likely to delay Siddhartha's stake sale plans in Mindtree

Provisional attachment of some of his Mindtree shares could play spoilsport

V G Siddhartha
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Siddhartha is in talks with PE investors and technology firms to sell his 21 per cent in Mindtree, triggering concerns of management change or a hostile takeover

Debasis Mohapatra Bengaluru
Attachment of some Mindtree shares owned by V G Siddhartha and his holding company, Coffee Day Enterprises, by the income tax (I-T) department could potentially delay his stake sale plans in the IT firm. Coffee Day has clarified that it would take required actions to release these shares in the next few days.

In a filing, Coffee Day has said that no undisputed tax liability currently exists neither for the promoter nor for the company. However, corporate governance experts are of the opinion that buyers will take a cautious approach before the purchase of attached shares and may ask for

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First Published: Jan 27 2019 | 9:23 PM IST

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