There are no winners or losers in the prolonged tug of war for power and money in Yes Bank between Kapurs and Kapoors.
Yes Bank was bailed out by a bank consortium led by State Bank of India early this year after the intervention of the Reserve Bank of India and the government.
During the 16 years of Yes Bank’s journey from inception to its collapse, Ashok Kapur’s family has had a strained relationship with Rana Kapoor, the former CEO and MD of the private lender.
The events at Yes Bank once again bring into sharp focus the concept of ownership, control, conflict of interest and regulations.
Yes Bank is set to recommend names for Rana Kapoor's successor to the RBI in its board meeting on December 13
Kapoor met Madhu Kapur and her daughter Shagun Gogia on October 11 with a written proposal to combine the stakes and voting rights of the two co-promoters and their affiliates
Experts feel that the appointment of whole-time directors will be much easier if a settlement is reached, as the current disagreement is over the same.
Madhu Kapur in her petition had sought to cancel the reappointment of two non-executive directors from the board of Yes Bank. The two directors are Dewan Arun Nanda & MR Srinivasan.
It can be recalled that in a major setback to Rana Kapoor, on June 17, the Bombay High Court ruled that the bank's promoters should jointly nominate directors, thereby upholding the right of Madhu to nominate her daughter Shagun Kapur-Gogia on the board.
Stating that Yes Bank will update its Articles of Association (AoA) in order to more clearly define shareholder rights, as well as bring them in line with latest banking regulations, Yes Bank MD Rana Kapoor said the focus would be on institutionalizing its board further.
Commenting on the family battle raging at YES Bank, the bank's lawyer says its governance systems are intact, and continues to hold out hope that there is scope for mediation to be able to resolve the tussle.
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 Bombay High Court passed an order in the YES BANK case, stating the appointments of seven individuals on the board of directors, including four still serving on it, were invalid, and saying it must confer upon its late co-founder's heirs the right to nominate persons on the board.
Private sector lender YES Bank today said it will raise USD 1 billion (about Rs 6,400 crore) by fresh equity and Rs 10,000 crore through Non Convertible Debentures (NCDs) and bonds.
In the two-year-old suit filed by Madhu Kapur against Yes Bank, the Bombay High Court Wednesday asked both the sides to settle their dispute amicably by June 2 with regard to the right to nominate directors on the Bank's board.
The Bombay HC proposed that both the parties can bring down their shareholding in Yes Bank below 10 percent so that the right to appoint nominee directors is not effective.
Yes Bank on Wednesday took a stand before the Bombay High Court that the suit filed by Madhu Kapur, the widow of Bank's co-founder Ashok Kapur, challenging the appointment of directors nominated by the current managing director Rana Kapoor, was not maintainable.
The long-drawn legal battle over a board membership in the Yes Bank may come to an end next week. The Bombay High Court is expected to deliver its final judgment in the case between Yes Bank and Madhu Kapur as well as her daughter Shagun Kapur Gogia, a source told moneycontrol.com.
The slugfest between the 2 promoter groups of yes bank began today in the Bombay HC. Despite the meeting with Rana Kapoor, last weekend, Madhu Kapur counsel was keen on proceeding with the case, arguing that Madhu Kapur had been denied her due as a promoter. Reports CNBC-TV18‘s Ashmit kumar.
Private sector lender Yes Bank on Tuesday sent its replies to the amended petition filed by Madhu Kapur before the Bombay High Court two weeks back. The bank is going to serve the same with the register of the court on Wednesday. The final hearing is due on July 29.
In yet another twist in the Yes Bank family feud, the bank's CEO and MD, Rana Kapoor had written a letter to Reserve Bank of India (RBI) in 2012 seeking declassification of Madhu Kapur who is the wife of late Ashok Kapur as a co-founder.
The Yes Bank family feud over board membership refuses to die. Madhu Kapur, who is the widow of late Ashok Kapur, one of the promoters of Yes Bank; on Wednesday filed an amended petition before the Bombay High Court challenging the corporate governance of the bank, reports CNBC TV18.
In the ongoing legal battle between Madhu Kapur and Yes Bank, the Bombay High Court has asked former to file fresh amendments to her petition against Yes Bank.
The unbridled public spat among family members over board membership will not dent Yes Bank's performance. However, the lender will not allow the feud to linger while its brand image takes a hit. The bank shall try end the chapter on Thursday (June 27) when its board will meet at 3pm in Mumbai to consider Shagun Kapur Gogia's induction.
In an interview to CNBC TV18, SL Kapur reiterated that Shagun Kapur Gogia was not qualified enough to be inducted in the Yes Bank board.