Kotak Mahindra Bank has sought approval from its shareholders for appointing Uday Kotak as a non-executive director at the bank for five years after his term as MD & CEO ends on December 31, 2023, as per an exchange filing by the bank.
The bank’s board, at their meeting held on March 18, 2023, approved Kotak to become a non-executive non-independent director of the Bank for a term of five years. “Kotak has given his consent to act as a director of the bank and has confirmed that he is not disqualified from being appointed as a director in terms of Section 164 of the Act,” the bank said.
As per the notice, Uday Kotak will be entitled to sitting fees and reimbursement of expenses for attending the meetings of the board and bank committees, as well as a fixed remuneration, as may be allowed by relevant guidelines issued by RBI. Currently, the tenure of a non-executive director cannot exceed more than eight years. The e-voting period shall commence on March 22 and end on April 20, as per the notice.
“Kotak has had an exemplary record as a promoter as well as an executive of the Bank. Under his leadership over the past 35 years, the Kotak Group has established a prominent presence in major areas of banking and financial services including stock broking, investment banking, car finance, life and general insurance and asset management,“ the notice said. Earlier the bank had approached consulting firm Egon Zehnder to search for candidates to succeed Uday Kotak as MD and CEO.