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Madhu Kapur moves HC

Madhu Kapur and her children has moved the Bombay High Court challenging the bank’s proposal to re-appoint Rana Kapoor as managing director and chief executive officer, M Srinivasan as chairman and Ravish Chopra as independent director.

The bank has proposed re-appointment of the above mentioned officials during its annual general meeting to be held on June 14.

The Bombay High Court said that the appointments will be subject to its final ruling on the matter. The next hearing is scheduled on June 12.

Madhu Kapur, widow of Ashok Kapur, had moved the court last year claiming that her right as co-promoter of the bank was violated and she was not consulted before the bank appointed a few directors on its board. Ashok Kapur had co-founded the bank with his brother-in-law Rana Kapoor. Madhu and Rana’s wife Bindu are sisters.

YES Bank has so far maintained its stance of not considering Madhu Kapur as a co-promoter. YES Bank claims that banking is not a family business and “financial family successors” do not automatically become part of the promoter group of a bank due to regulatory criteria.

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