Mindtree founders — Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan — have resigned from the board and executive roles after Larsen & Toubro (L&T) gained majority control of the IT firm.

Their resignation paves the way for the engineering and construction conglomerate to revamp the board of the mid-sized IT firm by making fresh appointments.

Earlier, Mindtree’s co-founder Subroto Bagchi, who was to retire by rotation, had not applied for his re-appointment to the board. The application would have come up in the forthcoming annual general meeting.

In a regulatory filing on Friday, Mindtree said chairman Natarajan, vice-chairman Parthasarathy NS and chief executive Ravanan had quit the company. The firm added that it would announce a new leadership team in due course.

The three founders submitted their resignations as members of the board and employees of the company, Mindtree said in the filing. It pointed out that the trio would stay as board members till July 17, 2019, and as employees in line with their employment contracts to ensure a smooth transition.

Along with the other founders, they have asked the company to de-classify them as promoters under applicable laws.

“Mindtree has delivered an exceptional performance for all our stakeholders over the last two decades through its differentiated strategy and unique culture. We are grateful to all our customers, Mindtree Minds and external stakeholders for their steadfast support through out our journey. We wish the new leadership team at Mindtree the very best,” Natarajan said.

Their resignations do not come as a surprise as L&T has strengthened its hold over the company after the open offer closed on June 28.

In March, L&T had said it would buy a 20.32 per cent stake in Mindtree from V.G. Siddhartha and his coffee enterprise for over Rs 3,000 crore. Since then, it has been steadily increased its holding in the IT firm to around 30 per cent. Subsequently, Singapore-based Nalanda Capital sold its entire 10.61 per cent stake and another investor — Arohi Asset Management — also offloaded its stake in the open offer.

Earlier this week, Mindtree had announced that L&T had acquired control of the company and had been categorised as a promoter with a 60.06 per cent stake. L&T held 9.87 crore equity shares in Mindtree as on July 2 following its open offer.