The commodity market regulator, Forward Markets Commission (FMC) had earlier reportedly questioned Kotak Mahindra Bank's claim on board representation in the MCX commodity exchange.
Kotak Mahindra Bank today announced temporary withdrawal of the nomination of Paul Parambi to the Board of MCX, without assigning any reason.
"The Bank is announcing the withdrawal, for the time being, of the nomination of Paul Parambi to the Board of MCX," a statement issued here said. The commodity market regulator, Forward Markets Commission (FMC) had earlier reportedly questioned Kotak Mahindra Bank's claim on board representation in the MCX commodity exchange.
In July, while signing an agreement to buy an MCX stake, at a discount, from Financial Technologies , Kotak Bank had said the deal was just an investment and that it would not seek any "special rights or a board seat".
However, the bank recommended Paul Parambi, Head of Group Strategy, as a nominee on the MCX board last year. The FMC opined that Bank's nominee on the MCX board can lead to a "conflict of interest" as the bank also owns a 40 percent stake in the ACE Derivatives and Commodities Exchange.
Kotak Mahindra stock price
On January 06, 2015, Kotak Mahindra Bank closed at Rs 1340.95, up Rs 70.25, or 5.53 percent. The 52-week high of the share was Rs 1351.00 and the 52-week low was Rs 630.80.
The company's trailing 12-month (TTM) EPS was at Rs 21.01 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 63.82. The latest book value of the company is Rs 159.07 per share. At current value, the price-to-book value of the company is 8.43.
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