The Bombay High Court has refused to order a stay on the Reserve Bank of India's December 31 deadline to Kotak Mahindra Bank seeking dilution of promoter stake.
The Bombay High Court has refused to order a stay on the Reserve Bank of India's December 31 deadline to Kotak Mahindra Bank seeking dilution of promoter stake.
This means that the bank will have to reduce promoter stake by 10 percent in the next 15 days or risk facing action from the RBI.
Kotak Mahindra Bank had dragged the Reserve Bank to court, contesting the deadline that sought reduction of promoter stake.
The court will next hear the matter on January 17.
Uday Kotak, Vice Chairman and Managing Director of Kotak Mahindra, holds a nearly 30 percent stake in the bank.
Shares of the bank fell over 2 percent after the news broke.
For free of cost financial consultation from the experts, click on Option Trading Tips or give one missed call on 9644405056 to subscribe us!
No comments:
Post a Comment