India's Kotak Bank says ready to cap promoter voting rights.
Global Banking News-March 13, 2019--India's Kotak Bank says ready to cap promoter voting rights
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Global Banking News - 13 March 2019
India-based Kotak Bank has told a court that it is ready to cap its promoters' voting rights.
On Tuesday, the firm told the Bombay high court that its promoters were ready to cap their voting rights at 20 percent despite holding a 30 percent stake in the private lender. The company said that the move would allay the central bank's concerns about concentration of power with the bank's promoters.
Kotak Mahindra Bank had involved the Bombay high court after the Indian central bank rejected its proposal to issue perpetual non-convertible preference shares in August to comply with rules concerning promoter shareholding.
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