Kotak AMC, executives seek settlement in Essel Group debt dispute

Kotak AMC managing director Nilesh Shah, former CIO Lakshmi Iyer, and four other senior executives have filed settlement pleas with Sebi to resolve proceedings related to the 2019 Essel Group debt dispute. The case stems from six Kotak fixed maturity plans that invested in Essel Group-issued debentures secured by pledged Zee Entertainment shares, which fell sharply during the January 2019 liquidity crisis. Sebi's 2022 adjudication had imposed an aggregate penalty of Rs 1.2 crore on the executives, upheld by SAT in March, prompting the executives to approach the Supreme Court before seeking settlement.