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Last Updated : Jan 30, 2019 03:19 PM IST | Source: Moneycontrol.com

Rana Kapoor, Madhu Kapur agree to appoint nominees on Yes Bank's board

According to a statement released by the bank, select few senior directors of the bank met Madhu Kapur to resolve the issue.

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The promoter groups of Rana Kapoor and Madhu Kapur at Yes Bank reached a "truce" on January 29, each deciding to appoint representative director on the Bank's board.

According to a statement released by the bank, select few senior directors of the bank met Madhu Kapur to resolve the issue.

The move comes after the two Co-promoting groups were found camping against one another over right to appoint directors on the board.

Rana Kapoor and sister-in-law Madhu Kapur have been at loggerheads for almost five years over nomination rights.

While a single judge bench of Bombay High Court had ruled in favour of Madhu Kapur in 2015, the bank had challenged the order.

Both the co-promoter groups have now agreed to appoint their respective candidates "subject to completion of necessary documentation", the board announced shortly after its meeting.

The names of these representatives will be announced in April, when the board meets for the first time in FY20.

Meanwhile, the board of Yes Bank has announced that it has requested Reserve Bank of India (RBI) for a senior board director  to temporarily hold the office of 'Board Director on Interim Special Duty'

According to a release, the board director on interim special duty  will take up the responsibilities of MD and CEO from February 1, 2019 till Ravneet Gill, Yes Bank’s newly appointed CEO and MD takes charge in March.
First Published on Jan 29, 2019 05:50 pm
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