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Thursday, May 7, 2015

YES Bank case: HC reserves final order till May 12

The nearly two-year-long legal family dispute between YES Bank's two largest shareholders – Rana Kapoor and Madhu Kapur – may come to an end on Tuesday, May 12.

Without passing the judgment, the High Court has suggested that both the shareholders should reduce their stake to below 10 per cent. The judgment will be passed on Tuesday.

According to the High Court, if the shareholding is brought down below this threshold limit, the conflict of nomination of IP (Indian Partners) Representative Director gets resolved as they both will lose their rights to nominate directors.

At the end of March 31, 2015, Rana Kapoor, Managing Director & Chief Executive Officer of YES Bank owned 11.77 per cent stake in the bank, whereas Kapur and family owns 10.29 per cent.

Along with daughter Shagun Kapur Gogia, Madhu Kapur has been fighting for rights as the legal heir of the private bank's promoter to nominate directors on the bank's board.

As a part of the operative order the Judge has also made an observation that Gogia does not get a board seat. Madhu Kapur had also sought to nominate Gogia on the board.

Source : Thehindubusinessline


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