Uday Kotak’s board term likely under RBI's scrutiny
Live MintThe Reserve Bank of India may be examining the proposal to re-appoint billionaire banker Uday Kotak as a non-executive director on the board of Kotak Mahindra Bank after his term ends in December, a person familiar with the matter said. According to a person familiar with the development, the RBI guidelines talk about a cooling period for managing directors and CEOs or WTDs, who are looking to return to the bank in an executive role, and in this case, Uday Kotak is taking on a non-executive role. “If there is an issue with the performance, RBI is empowered to remove the CEO," he added.The debate over Uday Kotak’s ownership in Kotak Mahindra Bank has seen a series of twists and turns. In 2017, Kotak Mahindra Bank agreed to reduce the promoters’ stake in three stages: 30% by 30 June 2017, 20% by 31 December 2018 and finally 15% by 31 March 2020.
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