India, March 27 -- The ongoing attempt by L& T Infotech, to buy a controlling stake in Mindtree , has been met with stiff resistance by its founders and employees. L&T has already bought 20.3 per cent stake in Mindtree by paying over its long-term investor, VG Siddhartha of Cafe Coffee Day. As required by the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, the infrastructure giant has already announced an open offer to buy 31 per cent stake, in addition to picking up 15 per cent of the shares through an open market purchase, making a stake of 66.32 per cent in Mindtree.

A 'hostile takeover' is the acquisition of one company, known as the target firm, by another, which is called the 'acquirer' and the acquisition is acc...