Why CCD founder Siddhartha wants to sell his Mindtree stake2 min read 29 Jan 2019, 08:29 AM IST
Urgency to exit may be linked to the ₹300 crore he owes IT dept
Rising debt at Sivan may also be a factor
Even as the tussle over the reported sale of IT services firm Mindtree enters a decisive phase, mystery surrounds the reasons why V.G. Siddhartha, the Bengaluru-based company’s largest investor, decided to exit. On one level, Siddhartha’s urgency in looking for a buyer for his 20.41% stake may be related to the ₹300 crore owed to income tax authorities, according to two executives familiar with the development. On another level, he may be under pressure because of rising debts at his investment firm Sivan Securities Pvt. Ltd.
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