Kotak Mahindra Bank to cap promoter voting rights at 15% from April 1, to withdraw case filed in Bombay HC
Updated : January 30, 2020 05:32 PM IST
In a regulatory filing, Mumbai-based bank said it has decided to withdraw the case filed in Bombay High Court.
Further, the bank said that promoter voting rights will be capped at 20 percent of paid-up voting equity share capital till March 31, 2020.
Billionaire founder Uday Kotak, who holds about 30 percent of the bank, has been asked by RBI to lower his stake to 20 percent by the end of December 2018 and to 15 percent by March 2020.