The writ petition filed by Kotak Mahindra Bank on the promoter shareholding norms stipulated by the Reserve Bank of India did not come up for hearing before the Bombay High Court on Monday.

Though the matter has been adjourned to January next year due to a lack of time, the two parties are likely to request an earlier date for hearing, possibly this week.

“On account of paucity of time, matter stands adjourned to January 9, 2020,” said the Bombay High Court in its order, adding, “If any ad-interim relief or interim relief is operative till today, the same will be continue to operate till the next date. If ad-interim or interim relief is not granted for a limited period, the said order will remain unaffected.”

The case is being heard by a Bench of Justice AK Oka and Justice MS Sanklecha of the Bombay High Court. The Bench had earlier heard the matter on April 1 and had given two weeks’ time to the bank for filing an affidavit of the promoters, setting out the compliance made with the directions of the RBI regarding dilution of their shareholding.

The Bombay High Court had previously refused to grant interim relief to Kotak Mahindra Bank in the case.

The case relates to the issue of diluting promoter shareholding in the bank to 20 per cent by December 31, 2018, from close to 30 per cent at present. The RBI had said the issuance of Perpetual Non-Convertible Preference Shares (PNCPS) by the lender in August last year did not meet its requirements.

Kotak had filed the writ petition on December 10 last year on the Banking Regulation Act, and had sought validation on whether its issuance of PNCPS met the regulatory requirements.

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