The regulator will consider the succession option presented by Kotak Mahindra Bank. A rejection, however, could force a rethink. Analysts are confident of the bank's journey post-Kotak, assuming a smooth takeover and not abandoning the promoter's success mantras
Uday Kotak,founder, managing director and CEO of private sector Kotak Mahindra Bank, on September 2 clearly spelt out, in a handwritten letter posted on microblogging site X [formerly Twitter], the reasons why he steppeddown from his post, 121 days in advance.
The rationale to resign, the billionaire banker said, was “with a view to sequencing this process from a transition and stability perspective”, considering that the financial year and the AGM for FY23 were behind the bank. Uday Kotak will continue as a non-independent, non-executive director of the bank for five years and as a promoter with the largest single shareholding of 25.72 percent, as of June. He also cited personal matters, including his elder son’s marriage, which would keep him occupied in the coming months.