Kotak Bank’s Shareholders Nod For Uday Kotak To Be Non-executive Director Post MD Term
Kotak Mahindra Bank has requested approval from its shareholders to appoint Uday Kotak as a non-executive director for a term of five years after he ends his tenure as MD and CEO on December 31, 2023, according to an exchange filing by the bank.
The board meeting on March 18, 2023 approved the appointment of Kotak as a non-independent director for five years. In a statement, the bank said that Kotak has confirmed he is not disqualified from being appointed as a director in terms of Section 164 of the Companies Act.
Kotak's role will include sitting fees and reimbursement of expenses for attending board and bank committee meetings, as well as fixed remuneration, as per the relevant guidelines issued by the Reserve Bank of India.
The current rules state that the tenure of a non-executive director cannot exceed eight years. The e-voting period for the appointment will commence on March 22 and end on April 20, as per the notice.
In its official notice, the bank stated that Kotak has been an exemplary promoter and executive of the bank, leading the Kotak Group's prominent presence in major areas of banking and financial services, including investment banking, stock broking, car finance, life and general insurance, and asset management.
In other news, reports suggest that the bank had previously approached consulting firm Egon Zehnder to search for candidates to succeed Uday Kotak as MD and CEO.
