Kotak Mahindra Bank on Wednesday announced that the Reserve Bank of India has approved the re-designation of KVS Manian as Joint Managing Director, and Shanti Ekambaram, Whole-time Directors of the Bank, as Deputy Managing Director, with effect from March 19, 2024.
“We refer to our disclosure dated February 19, 2024 wherein we informed the stock exchanges, inter alia, regarding the re-designation of Mr KVS Manian and Ms. Shanti Ekambaram, Whole-time Directors of the Bank, as Joint Managing Director and Deputy Managing Director, respectively. We wish to update you that the Reserve Bank of India has, vide its letter dated March 19, 2024 (received by the Bank on March 19, 2024) approved the aforesaid re-designations, from March 19, 2024, co-terminus with Mr Manian and Ms Ekambaram’s respective RBI-approved extant terms as Whole-time Directors, i.e., until October 31, 2025,” it said in a regulatory filing.
KVS Manian is an electrical engineer from Indian Institute of Technology ( BHU) – Varanasi, Post Graduate in Financial Management from Jamnalal Bajaj Institute of Management Studies Mumbai and a Cost and Works Accountant and has been with Kotak Group since 1995.
Further, in another disclosure, Kotak Mahindra Bank said that it has received an order from the Deputy Commissioner of State Tax, Large Taxpayer Unit-I, Mumbai of the Government of Maharashtra Department of Goods and Service Tax, levying an amount of Rs 33,63,392 towards GST and interest of Rs 35,31,286 and a consequential non-discretionary penalty at 10 per cent of tax amounting to Rs 3,36,339.
The demand, it said, has arisen on account of disallowance of input tax credit and alleged non-payment of GST under reverse charge in certain instances during the financial year 2018-19. The Bank, however, said that it has adequate grounds to support its position in the matter and would prefer an appeal against the aforesaid order, under the applicable laws.