The Bombay High Court today refused to grant interim relief to the heir of YES BANK's late co-founder's, Madhu Kapur, who had sought the cancellation of two board appointments, reports CNBC-TV18's Prerna Baruah.
The order talks about reappointment of two directors, Arun Diwan Nanda and MR Srinivasan who were reappointed in the recently-held Annual General Meeting (AGM) of YES BANK.
Apart from refusing to put a stay on the appointments, the High Court allowed amendments to be made by June 22 before the court -- and said YES BANK will have to furnish the recently-held AGM minutes to Madhu Kapur.
Kapur is the widow of the bank's late co-founder Ashok Kapur and has accused its other co-founder Rana Kapoor of depriving her of a say in making appointments to the board.
The arguments that were taken up before the High Court today is that as per the Reserve Bank of India (RBI's) notifications to YES BANK on the two directors. While tenure was allowed only till 2016, the bank had sought clarity from the RBI seeking reappointment for a tenure after the next four years.
Kapur's contention was they are age-barred and they cannot be reappointed because the Bombay High Court order that had termed all the reappointments of the directors as null and avoid.
However, this was done before the AGM. So, there is no interim stay. However, they will be amending the notice of motion and the next hearing is scheduled for on July 13.
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