UBuilding an institution and a legacyBattle over promoter’s stakeday Kotak, founder, managing director and CEO of private sector Kotak Mahindra Bank has stepped down from his post with effect from September 1, the bank announced in a corporate filing to the exchanges. Dipak Gupta, the joint managing director at Kotak Mahindra Bank, has taken charge as an interim arrangement. Gupta, a Kotak Mahindra Bank veteran since 1992 and a full time director of the bank since 1999 will continue as interim chief, subject to approval from the RBI and the Bank’s board. He has overseen various functions at the bank including internal audit and IT including cyber security and digital initiatives, at the Bank. Uday Kotak and the promoter group holds a 25.7 percent stake in the bank, as of June 2023, just under the mandated 26 percent level.

Source: Forbes September 02, 2023 18:59 UTC