Mindtree founders may have to vacate board seats for L&T nominees

IT firm can expand the size of its board subject to the upper cap of 15 to give L&T representation

With L&T seeking induction of its nominees on Mindtree board, the founders of the IT services firm are likely to be in a spot as at least one of them might have to vacate the board seat.
 
Sources in the know said given the mandatory one-third representation of independent directors, the IT firm would have to expand the size of the board to reflect fair representation of its new shareholder L&T or it would have to let go of some of its founding members to accommodate L&T nominees.
 
At present, Mindtree has eight board members of which four