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Ahead of MindTree board meet on Wednesday, Mindtree founding promoter Subroto Bagchi said he and three other promoters — Krishnakumar Natarajan, Rostow Ravanan, and Parthasarathy NS — were offered “huge bags of money” to give away Mindtree but they turned it down and urged employees to remain focused on work. In a letter, Bagchi attempted to reach out to the employees with an emotional plea urging them to 'stay focused on what must go out of the door today.'On Tuesday, co-founders of the company, Subroto Bagchi, Krishnakumar Natarjan and Rostow Ravanan univocally called the takeover bid 'a grave threat to the unique organisation collectively built over 20 years'.
Here's FULL TEXT of Subroto Bagchi's letter to MindTree employees
My very dear Mindtree Minds,
I have never written to you in the last three years. Hence it may be somewhat of a surprise for you. Of course, there are attendant, unusual circumstances; of an imminent threat to Mindtree’s independence that has made me to write to you today. Please be patient with me because this is going to be a long letter, the situation asks for it. But first, I must give you a context that goes well beyond Mindtree.
In 1994, after setting up Wipro’s Global R&D in the Silicon Valley, I came back to India. Wipro’s R&D had the best people, working on mission critical applications for India because a lot of technology was banned for export to India at the time.
Yet, Indian economy was opening up and global IT companies were suddenly coming into India, threatening the very existence of the same R&D that had worked on India’s space and defence needs. There was only one way to save it. Grow it beyond Indian shores. Make it world-class...Read More
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