High Court refuses to lift deadline for Kotak Mahindra stake dilution: TV [Reuters]
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Source: Reuters
High Court refuses to lift deadline for Kotak Mahindra stake dilution: TV | Reuters 2 Min Read MUMBAI (Reuters) - The Bombay High Court refused to stay the central bank order forcing Kotak Mahindra Bank Chief Executive Uday Kotak to dilute his stake in the company he founded, news channel CNBC TV18 reported on Monday, sending shares of the lender sliding nearly 4 percent. The bank last week challenged the Reserve Bank of India’s (RBI) decision to not recognise its issuance of preference shares as a means of effectively meeting the objective of the RBI order. RBI order mandated Uday Kotak to lower his holding in the bank to 20 percent by the end of the year. Uday Kotak was also ordered by the RBI to further reduce his stake to 15 percent by March 31, 2020. He directly held a 29.73 percent stake in the bank as of Sept. 30, according to exchange data. Kotak Mahindra Bank in August issued perpetual non-convertible preference shares (PNCPS) in a bid to comply with the promoter stake rules
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