The Bombay High Court will hear YES Bank’s version on Wednesday in the dispute between the bank’s promoters, where Madhu Kapur’s lawyers have alleged non-governance by the bank.
Madhu Kapur, co-promoter in YES Bank and widow of co-founder Ashok Kapur, continued to raise objections to the bank’s CEO and Managing Director, Rana Kapoor’s sole right to nominate directors on the board despite his individual ownership being below 10 per cent in the bank.
The Madhu Kapur camp also said they were given the impression that Kapoor recommended Shagun Gogia, daughter of Madhu Kapur, as a director on the bank’s board, but that recommendation was withdrawn by the board and Kapoor had no say in the rejection.
YES Bank’s Senior President and General Counsel Legal - Risk Management, Sanjay Nambiar, said: “It was a one-sided perspective addressed in the court. We will wait for our turn on Wednesday and present our side and hear the court’s decision.”
On August 3, an out-of-court settlement called by Rana Kapoor in a “family” meeting with Madhu Kapur and her daughter Shagun Gogia made no headway in settling the over two-month-old family dispute.
On Wednesday, the court will continue to hear the matter where Madhu Kapur’s lawyers will continue to present their arguments following which the court will hear the bank’s version.