Mindtree Ltd.’s large shareholders are completely aligned with the interests of the information technology company, according to its Managing Director and Chief Executive Officer Rostow Ravanan.

“They’re very vocally supporting us because this team, through strategy and culture of the company, has delivered exceptional results, to quote one of the shareholders who spoke to the media yesterday,” he told BloombergQuint.

In the wake of a takeover bid by Larsen & Toubro Ltd., the board of Mindtree called off its share buyback plan on Tuesday and announced the constitution of a panel of independent directors to provide recommendations for the way ahead.

There was a very specific obligation under the law for independent directors to form a committee and make a recommendation to the shareholders on L&T’s offer price, Ravanan said.

Watch the full interaction here: