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Madhu Kapur challenges YES bank AGM resolutions

Madhu Kapur, the second-largest shareholder of YES Bank, filed an amended suit in the high court here on Friday, challenging the resolutions passed at YES Bank’s annual general meeting (AGM) on June 14.

Kapur has challenged the appointment of directors and the reappointment of Rana Kapoor as managing director and chief executive.

Before the AGM, Kapur had sought interim relief against passing of resolutions at the AGM, denied by the court. However, she was allowed to challenge the results of the resolutions.

Kapur had moved court, claiming her right as the bank’s co-promoter was violated, adding she wasn’t consulted before the bank had appointed directors on its board.

In June 2013, Kapur’s daughter, Shagun Kapur Gogia, had applied for the position of member on the bank’s board, but the board had rejected her nomination, saying she lacked the requisite experience.

With 11.87 per cent stake, Rana Kapoor is the bank’s largest shareholder; Kapur and her company own 10.37 per cent.

The high court has directed YES Bank to provide a copy of the minutes of the bank’s AGM to Kapur in the next 10 days. The next hearing of the case is scheduled for July 23.

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