Mumbai: The Bombay High Court Monday sought an affidavit from the promoters of Kotak Mahindra Bank stating that they have complied with the RBI's directive to dilute the promoter's shareholding. In the petition, the bank sought a widening of the definition of the paid-up equity capital to include the preference shares as well beyond the present equity voting capital. According to the bank's plea, the RBI had initially asked it to only dilute promoter shareholding of its paid-up capital. However, the impugned letter sought dilution of paid-up voting equity capital. The bank has requested the court to quash and set aside the RBI directions on equity dilution.

Source: Mint April 01, 2019 10:30 UTC