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The Bombay High Court on Tuesday adjourned the hearing in the YES Bank case to April 29 after both the parties requested for more time. The mid-sized bank’s promoters are fighting a legal battle over the right to nominate directors to its board.
“We have requested for more time as our directors are busy in the run-up to the upcoming board meeting,” said an official privy to the development. The bank’s board meeting set for April 23, will consider the financial results of fiscal 2013-14.
In a hearing earlier this month, a two-judge Bench had asked both the litigants to consider an out-of-court settlement. The official whom Business Line spoke to refused to disclose whether the two parties are considering such a proposal, but said the bank may discuss the issue in the board meeting. In June 2013, Madhu Kapur, widow of YES Bank co-founder Ashok Kapur, had filed a case against YES Bank and its current MD and CEO Rana Kapoor, demanding the right to nominate directors on the bank’s board. Madhu Kapur and Rana Kapoor’s wife are sisters.
Kapur had also filed a plea opposing appointment of three directors (Arun Diwan Nanda, MR Srinivasan and Ravish Chopra) nominated by Rana Kapoor.
Kapur holds 12 per cent stake in the bank while Rana Kapoor, directly and through other family-owned firms, holds a 13.72 per cent stake.
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