The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by one year.
The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.
The notification was issued by the Department of Financial Services in the Ministry of Finance on Wednesday and signed by Joint Secretary Amit Agrawal.
“And whereas, the central government, on the recommendations of the Reserve Bank of India (RBI), has considered it necessary to grant the said exemption to Kotak Mahindra Bank for a further period of one year with effect from the 3rd day of October 2020,” it said.
