Mindtree board fails to decide on share buyback amid L&T takeover bid

Proxy advisers InGovern Research and Institutional Investor Advisory Services have questioned the Mindtree share buyback proposal. “Under Section 26 of SEBI takeover code, subsequent to a public announcement of an open offer, a company cannot undertake any capital structure change, including buyback of shares,” said Shriram Subramanian, founder and managing director of InGovern Research