HC rejected Kotak bank’s plea for stay on RI directive. RBI gave Deadline of 31st Decmeber 2018 to Kotak bank to reduce the promoter’s stake in company. To do so, Kotak Bank issued perpetual non-convertible preferential shares which was not complied by the RBI direction and so RBI asked Kotak Bank to act immediately to dilute promoter’s stake till 31st December. Upon this, Kotak Bank moved to Court pleading for stay on RBI directive. However, The Court came in favour of RBI and rejected Kotak bank’s plea.