Yes Bank case adjourned till 19 June
The case will now be taken up after the Bombay high court resumes work following its summer break
Mumbai: The case between Madhu Kapur, widow of Yes Bank Ltd’s co-founder Ashok Kapur, and the bank was on Friday adjourned until 19 June. The case will now be taken up after the Bombay high court resumes work following its summer break.
Madhu Kapur took India’s youngest commercial bank bank and its managing director and chief executive officer (MD and CEO) Rana Kapoor to court in June last year, demanding the right to nominate directors to the bank’s board.
The bank has all along argued that the court does not have the jurisdiction to hear matters concerning directorships in bank boards because they are governed by the Banking Regulation Act.
A single-judge bench of the Bombay high court in March overruled Yes Bank’s argument following which the bank had appealed to a two-judge bench last month.
The two-judge bench’s order is expected anytime soon and is likely before 9 May when the court breaks for a month-long summer vacation.
On Friday, justice Roshan Dalvi, hearing the main case on whether Madhu Kapur should be granted the right to nominate directors to the bank’s board, chose to await the judgement of the two-judge bench before starting the hearing.
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