Anand Mahindra, Uday Kotak lash out at proliferation of regulations

Anand Mahindra, chairman & managing director, M&M, and Uday Kotak, vice-chairman and managing director, Kotak Mahindra Bank, on Thursday came out against “proliferation” of regulations in business. They said in the current environment, they are forced to follow the rules in letter and not in spirit.
 
These comments come days after auto industry veteran Rahul Bajaj also expressed his displeasure on laws made by The Securities and Exchange Board of India (Sebi) and the corporate affairs ministry to check on fleeing defaulters.
 
“When one takes a view that let’s the spirit follow, and the letter is not clear,