Born in India · Nationality Indian — Business / finance / tech

Uday Kotak

Documented profile covering 7 controversies, including “G.D. Foods: criminal complaint arising from a banking dispute ultimately quashed by the Delhi High Court” and “Charu Motors/Pegasus: summons for cheating and breach of trust quashed due to absence of specific acts attributed to Uday Kotak”.

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Profile No. 0004 · Updated on 12 October 2026

7Documented controversies

15Sources

0Formal charge · all time

0Conviction

§ Legal statuses reflect the documented sources as of the date shown; they replace neither court decisions nor the presumption of innocence. Counts are not a rating. Methodology

I. Documented controversies

2019–2024

Infina Finance: 131 crore rupees in electoral bonds according to accounts, including 60 crore identifiable in SBI/ECI data

No legal proceedings

The regulatory financial statements of Infina Finance, an entity linked to the Kotak family, indicate purchases of electoral bonds totalling 131 crore rupees. SBI data made public by the ECI identified 60 crore attributed to the BJP for the period covered, creating a documentary discrepancy regarding the balance. The episode was linked to criticism previously expressed by Uday Kotak concerning the mechanism's lack of transparency.

State of the evidence: SBI/ECI data and public statements documented
Legal status — source text: No proceedings or sanctions against Uday Kotak
Attribution: Promoter/family connection with the donating entity; no evidence that the donations were personal

Sources · 3

[1]
The Economic Times / PTIKotak Bank promoter Infina Finance donated Rs 60 crore to BJP via electoral bondsMediaHigh reliability
[2]
The Reporters' CollectiveUday Kotak questioned electoral bonds, later his group donated through schemeMediaMedium reliability
[3]
The WireKotak-Linked NBFC Donated Rs 131 Crore in Electoral Bonds – More Than 2x of SBI DisclosureMediaMedium reliability

Last verified: 27 August 2026

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2024-04

RBI: severe restrictions on Kotak Mahindra Bank following IT deficiencies observed in 2022–2023

Civil / administrative proceedings

The RBI prohibited Kotak Mahindra Bank from onboarding new customers through its digital channels and issuing new credit cards, citing serious deficiencies in IT governance, access management, data security, vendor risk, business continuity and several outages. The examinations concerned 2022 and 2023, during which Uday Kotak remained CEO until September 2023.

State of the evidence: RBI order and specific deficiencies documented
Legal status — source text: Restrictions imposed on the bank; no personal sanction against Uday Kotak
Attribution: Limited historical governance responsibility: Uday Kotak led the bank during most of the IT review periods but had left the CEO position before the 2024 order

Sources · 2

[1]
Reserve Bank of IndiaSupervisory Action against Kotak Mahindra Bank Limited under Section 35ARegulatory authorityPrimary source
[2]
The Indian ExpressRBI bars Kotak Mahindra Bank from onboarding new customers via online, mobile banking channelsMediaHigh reliability

Last verified: 27 August 2026

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2024-07

Hindenburg: controversy over Kotak offshore fund used by Kingdon to short Adani and allegation of omission by SEBI

No legal proceedings

In response to a SEBI show-cause notice, Hindenburg claimed that a Kotak Group entity had established and overseen the offshore structure used by its partner Kingdon to take short positions against Adani Enterprises. Hindenburg also criticised SEBI for not highlighting the Kotak name and referred to Uday Kotak, the group's founder and a former member of a SEBI governance committee.

State of the evidence: Hindenburg's public allegations, SEBI show-cause notice and Kotak's official response documented
Legal status — source text: No proceedings or finding of personal wrongdoing against Uday Kotak in the verified sources
Attribution: Uday Kotak personally cited by Hindenburg as the group's founder; no evidence of personal intervention in the transactions or with SEBI

Sources · 3

[1]
Hindenburg ResearchAdani Update – Our Response To India's Securities Regulator SEBIclaimantMedium reliability
[2]
Kotak Mahindra BankClarification to the Stock Exchanges regarding public statements made by Hindenburg Research LLCRegulatory filingPrimary source
[3]
MoneycontrolKotak Group Fund says it wasn't aware that Hindenburg was partner of its investorsMediaHigh reliability

Last verified: 27 August 2026

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2022-03–04

Lonavala FIR alleging cheating and forgery: Uday Kotak named alongside several bank executives

Investigation

A hotelier from Lonavala filed a complaint alleging cheating and forgery in connection with a bank loan. The FIR named seven Kotak Mahindra Bank executives, including Uday Kotak. A loan officer, Alankar Khare, was arrested in the case.

State of the evidence: Police FIR and arrest of another executive documented
Legal status — source text: Uday Kotak named in the FIR; no verified evidence that he was arrested or summoned; no personal conviction found
Attribution: Personal allegation in an FIR; actual extent of involvement not established

Sources · 2

[1]
The Indian ExpressKotak Mahindra Bank staffer arrested over 'cheating' allegationsMediaHigh reliability
[2]
The Economic TimesKotak Mahindra Bank loan officer arrestedMediaHigh reliability

Last verified: 27 August 2026

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2008–2021

Charu Motors/Pegasus: summons for cheating and breach of trust quashed due to absence of specific acts attributed to Uday Kotak

Allegations

In a long-running case arising from the financing and repossession of a vehicle, a second complaint had led in 2012 to summons against Kotak Mahindra Primus, Uday Kotak and other individuals for offences including criminal breach of trust, cheating and conspiracy.

State of the evidence: Complaint, summons and original judgment documented
Legal status — source text: Complaint Case No.103/2010 and 2012 summons quashed on 23 December 2021
Attribution: Uday Kotak was personally summoned as chairman; the High Court rejected the attribution of vicarious liability

Sources · 1

[1]
Delhi High Court / Indian KanoonCharu Motors Pvt Ltd & Anr vs Pegasus Computers & OrsCourt recordPrimary source

Last verified: 27 August 2026

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2018–2020

Dispute with the RBI over reduction of the promoter's shareholding

Civil / administrative proceedings

Kotak Mahindra Bank challenged in court the Reserve Bank of India's requirements to reduce promoter Uday Kotak's shareholding. Following litigation before the Bombay High Court, an agreement allowed the promoter's economic stake to remain at up to 26%, subject to capped voting rights.

State of the evidence: Litigation and regulatory settlement documented
Legal status — source text: Dispute settled by agreement with the RBI in January 2020
Attribution: Personal responsibility as the principal promoter of Kotak Mahindra Bank

Sources · 2

[1]
The Indian ExpressKotak Mahindra, RBI settle promoter stake tussle, voting rights to be capped at 15%MediaHigh reliability
[2]
MoneycontrolUday Kotak sells Rs 6,944 crore worth shares of Kotak Mahindra BankMediaHigh reliability

Last verified: 27 August 2026

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2009–2015

G.D. Foods: criminal complaint arising from a banking dispute ultimately quashed by the Delhi High Court

Allegations

G.D. Foods Manufacturing had filed a criminal complaint against Kotak Mahindra Bank, Uday Kotak and other executives following a dispute over credit facilities, alleging cheating among other offences. Uday Kotak sought to have the proceedings quashed.

State of the evidence: Complaint, summons and judgment quashing the proceedings documented
Legal status — source text: Complaint/summons quashed by the Delhi High Court on 6 May 2015
Attribution: Uday Kotak personally named, but no criminal liability established

Sources · 2

[1]
Delhi High Court / vLexUday Kotak v. G.D. Foods Mfg (I) Pvt LtdCourt recordPrimary source
[2]
Delhi High Court / CaseMineUday Kotak Petitioner v. G.D. Foods Mfg (I) Pvt. Ltd.Court recordHigh reliability

Last verified: 27 August 2026

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II. Constellation of documented links

Linked profile (portrait or initials) — click to open it
Line width: number of documented references
Hover over or tap a line: controversies and sources

Two profiles are linked when a documented controversy of one names the other. The link points to that controversy and its sources; it does not indicate a personal relationship.

List of documented links (2)

III. Has something changed?

A new court decision, a missing source, a mistake? Tell us what should be updated: every request is read by the editorial team.