Kotak Mahindra Bank today said companies, which have reaped the benefits of derivatives deals in the past, should not blame banks when the deals have not been favourable to them. | |
| Chennai-based Sundaram Brake Linings has taken the bank to the Madras High Court though Kotak is trying to settle the matter through arbitration. |
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| Uday Kotak, the vice-chairman and managing director of Kotak Bank, told reporters that companies not acknowledging the value of contracts was not a sign of good corporate governance. |
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| "Most companies are demonstrating good conduct. However, there are a few bad examples," he said on the sidelines of a press conference to launch the bank's credit card. |
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| Kotak pointed out that companies, which have in recent months gone to court alleging mis-selling, were not ordinary retail investors, but were governed by a board with corporate governance guidelines and had treasury operations. |
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| Vikram Sud, the bank's group chief operating officer, said the target was to be among the top-five players with 1.5 million cards over the next three years. "The bank has a very segmented approach. We will focus on the salaried class, self-employed, mass affluent and affluent customers,'' he added. |
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