Kotak Mahindra petitions court against RBI preference share rule [Reuters]
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Source: Reuters
Kotak Mahindra petitions court against RBI preference share rule | Reuters 2 Min Read (Reuters) - India’s Kotak Mahindra Bank has petitioned a court against a central bank rule preventing the company from issuing preference shares to reduce its promoters’ ownership stakes, weeks ahead of a deadline for its CEO to trim his own stake in the bank. Uday Kotak, the billionaire head of Kotak Mahindra, has been asked by India’s central bank, the Reserve Bank of India (RBI), to lower his holding in the company to 20 percent by the end of the year, and to 15 percent by March 31, 2020. He directly held a 29.73 percent stake as of Sept. 30, according to Bombay Stock Exchange data. Kotak Mahindra filed a writ petition on Monday with the Bombay High Court as it seeks to "validate" its position, the bank said in a statement here “Given the milestone of Dec. 31, 2018, the bank has been left with no option but to protect its interest,” it said. Kotak Mahindra issued perpetual non-convertible prefere
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