The government has allowed Uday Kotak, MD and CEO of Kotak Mahindra Bank, to continue on the board of troubled infra lender IL&FS for one more year till October 2, 2021. This is the second extension for Kotak to continue on the IL&FS board.
Kotak, the non-executive chairman of IL&FS, was given a go-ahead for three months initially, which was followed up with a nine-month relaxation that ended on October 2019. He was then given a one-year extension till October 2020.
According to a Gazette notification, the provisions of the Banking Regulation Act will not apply to Kotak Mahindra Bank in so far as it relates to its MD and CEO Uday Kotak being on the board of Infrastructure Leasing and Financial Services Ltd as its Non-executive Director for a period up to October 2, 2021.
