Tax dept bars V G Siddhartha from selling Mindtree stake, attaches shares

A total of 7.49 million shares held by Siddhartha and Coffee Day Enterprises will face this prohibitory order for next six months starting from January 25

The Income Tax department has imposed restrictions on the transfer of shares by V G Siddhartha and his holding company Coffee Day Enterprises in Mindtree for a period of six months, citing possible future tax demand on him.

The order has come at a time when Siddhartha is in talks with several suitors, including private equity firms and technology companies, to offload his 21 per cent stake in Mindtree.

"Provisional attachment (of shares) has been imposed on the following shareholders of the company- Coffee Day Enterprises and V G Siddhartha- for likely tax demand by the Income Tax department," Mindtree said in