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Private sector lender Yes Bank on Thursday said the decision relating to inducting Shagun Gogia on the board will be directly conveyed to the court on Monday, July 1.
“As the matter is sub judice, the final decision of the board of directors of Yes Bank on the subject will be submitted to the Bombay High Court at its scheduled hearing on July 1, 2013 as per the court order,” the bank said in a statement.
Gogia said that no decision on the board meeting was conveyed to her.
The board meeting, which was earlier scheduled for July 24, was advanced to June 27 to consider the nomination of Shagun Gogia, daughter of the late co-founder of the bank, Ashok Kapur. Shagun’s mother Madhu Kapur has claimed that the bank has denied the family its right to be consulted on the nomination of its three directors — Diwan Arun Nanda, Ravish Chopra and M.R. Srinivasan — on the board.
The Kapur family, which holds 11.7 per cent of Yes Bank’s shares, also wanted the private sector bank to consider the nomination of Shagun Gogia on the bank’s board.
Shagun’s nomination on the board was rejected in 2009 after Yes Bank claimed her nomination did not meet the Reserve Bank of India's “fit and proper” criteria.
Yes Bank’s shares ended 0.94 per cent lower at Rs 443.90 on the Bombay Stock Exchange.
beena.parmar@thehindu.co.in
Source: thehindubusinessline
“As the matter is sub judice, the final decision of the board of directors of Yes Bank on the subject will be submitted to the Bombay High Court at its scheduled hearing on July 1, 2013 as per the court order,” the bank said in a statement.
Gogia said that no decision on the board meeting was conveyed to her.
The board meeting, which was earlier scheduled for July 24, was advanced to June 27 to consider the nomination of Shagun Gogia, daughter of the late co-founder of the bank, Ashok Kapur. Shagun’s mother Madhu Kapur has claimed that the bank has denied the family its right to be consulted on the nomination of its three directors — Diwan Arun Nanda, Ravish Chopra and M.R. Srinivasan — on the board.
The Kapur family, which holds 11.7 per cent of Yes Bank’s shares, also wanted the private sector bank to consider the nomination of Shagun Gogia on the bank’s board.
Shagun’s nomination on the board was rejected in 2009 after Yes Bank claimed her nomination did not meet the Reserve Bank of India's “fit and proper” criteria.
Yes Bank’s shares ended 0.94 per cent lower at Rs 443.90 on the Bombay Stock Exchange.
beena.parmar@thehindu.co.in
Source: thehindubusinessline
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