The Fact News Service
New Delhi, September 2
In a letter to Prakash Apte, Chairman of the Board of Directors, Mr Kotak said he has resigned “with immediate effect” though he still has a few months to go.
“I have mulled over this decision for some time and believe this is the right thing to do,” Mr Kotak said in the letter.
Meantime, the current joint MD Dipak Gupta will function as MD and CEO, subject to approvals.
“As founder, I am deeply attached to brand Kotak and will continue to serve the institution as non-executive director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” Mr Kotak said.