Kotak Mahindra Bank proposes to set up company for CSR activities

Private sector lender Kotak Mahindra Bank on Thursday said it has initiated the incorporation of Kotak Karma Foundation, a company to be registered under Section 8 of the Companies Act, 2013. This wholly-owned subsidiary of the bank for setting up a Centre of Excellence (CoE) of the Bank for the furtherance of part of its Corporate Social Responsibility (CSR) initiatives, Kotak Mahindra Bank said in a regulatory filing.

The process of incorporation of Kotak Karma Foundation is expected to be completed before the end of the second quarter of 2023-24, it added.

In this regard, the bank has, on June 14, 2023, subscribed to the Memorandum and Articles of Association of Kotak Karma Foundation.

The bank has received relevant approval from the Reserve Bank of India (RBI), it said.

Other than for incorporation, no approvals of any authority would be required for acquisition/subscription or to hold shareholding in Kotak Karma Foundation.

It further said that Rs 1 crore towards subscription of 10 lakh equity shares of the face value of Rs 10 each.