Promoter stake dilution: Kotak Bombay High Court hearing in March

Mumbai: The Bombay HC on Thursday adjourned till March 12 the hearing on pri­vate lender Kotak Mahin­dra Bank’s plea challenging an RBI directive asking it to di­lute its promoter share­ho­l­d­ing. The bank had moved the HC last month challe­ng­ing a letter dated August 13, 2018 of the RBI, directing it to dilute its promoter share­holding to 20% of its paid-up voting equity capital by December 31, 2018 and to 15% by March 31, 2020. HC had on December 17 ref­u­sed to pass any order, gra­n­ting the bank interim rel­ief by way of extension of Dec 31, 2018 deadline.

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