Uday Kotak

Five former independent directors, including former Chairman S B Mathur, in a letter, have also mentioned about IL&FS being unable to raise additional equity despite several attempts and the "asset-liability" mismatch that continued to aggravate.

A new six-member board led by veteran banker Uday Kotak will take charge of the company.

The government's counsel told the NCLT that IL&FS' directors had "failed to discharge their duties" and that many mutual funds would collapse if IL&FS collapses

Two US proxy advisory firms had asked investors to vote against the special resolution to re-appoint Parekh, according to reports. Against this backdrop, Kotak mentioned about global proxy advisory firms and their concentration of voting with such entities.

Guidelines on ownership and shareholding issued by RBI February 2013 and tweaked in May 2016, mandate that voting rights of promoters shall be capped at 15 percent.

The bank has "approved the allotment of 100,00,00,000 Perpetual Non-Cumulative Preference Shares (PNCPS) to eligible investors at the issue price of Rs 5 per PNCPS, aggregating to Rs 500 crore pursuant to the issue," Kotak Mahindra Bank said in a BSE filing.

Although the Union Cabinet has given the nod to establish a separate regulator for CAs, it seems like SEBI still wants to regulate auditors.

The current crisis in the Indian banking sector – thanks to the soaring NPAs -- has created a vacuum for funding sources.

However, the billionaire banker refused to divulge more details on the reasons behind his decision to hold on to the stake

The president-designate of CII also said that one of the biggest challenges facing the Indian industry relates to ethics, values and governance.

Board rejects suggestion to ​allow sharing of information with promoters or shareholders

As underwriters of risks, bankers must share the blame, Uday Kotak.

He said there is more micro economic growth in the sector and that infrastructure loans need longer tenures

Private sector banks are accounting for "nearly entire" loan growth following the nearly Rs 13,000-crore scam at the state-run PNB, he said and projected that over the next four years, they will corner half of the credit market, up from 30 per cent now.

In the remarks that come amid the discovery of the nearly Rs 13,000-crore scam at Punjab National Bank scam, one of the biggest in the Indian banking history, Kotak also said there is a case for trimming the number of state-run lenders.

The problem of stressed assets was there but it was recognised late. It then exploded and became much larger, the managing director of Kotak Mahindra Bank said.

The most famous among all, bitcoin has been seeing a huge traction lately even as its prices have been extremely volatile, surging to close to USD 20,000 per unit a few weeks ago but only to fall below USD 10,000 soon after.

Kotak, who has been attending World Economic Forum Annual Meeting in this Swiss ski resort town for many years, said it is a very big opportunity for the country to demonstrate the new India that is being built.

The Uday Kotak-led bank has been vocal about its interest in buying stressed assets but has not made much headway in the endeavour.

Banking is core part of the Indian economy and earnings from the sector must benefit Indian savers than move out to the foreigners, Kotak's joint managing director said