Active Stocks
Tue Mar 19 2024 14:41:10
  1. Tata Consultancy Services share price
  2. 3,987.05 -3.80%
  1. Tata Steel share price
  2. 149.80 0.13%
  1. Bharti Airtel share price
  2. 1,235.50 0.85%
  1. Power Grid Corporation Of India share price
  2. 260.60 -1.66%
  1. ITC share price
  2. 410.00 -1.77%
Business News/ Companies / News/  Rana Kapoor’s reappointment as Yes Bank CEO, MD gets shareholders nod
BackBack

Rana Kapoor’s reappointment as Yes Bank CEO, MD gets shareholders nod

Founder Ashok Kapur's widow Madhu opposed appointment of new directors as well as reappointment of Rana Kapoor because she was not consulted about it

The resolutions as approved by Yes Bank’s shareholders will need Bombay high court’s consent. Photo: Abhijit Bhatlekar/MintPremium
The resolutions as approved by Yes Bank’s shareholders will need Bombay high court’s consent. Photo: Abhijit Bhatlekar/Mint

Mumbai: Shareholders of Yes Bank Ltd on Saturday approved all 12 resolutions the lender had put to vote in its annual general meeting (AGM) on Saturday, the bank said in an emailed statement.

“The shareholders approved balance sheet for the fiscal year 2013-14, profit and loss account and the appointment of M/s SR Batliboi and Co. Llp as the auditors of the bank. The shareholders also approved the resolution to award dividend of 80% which is 8 per share. Giving a big boost to the bank’s growth plans, the shareholders approved the decision to raise $500 million capital," the bank said in an email.

However, these resolutions are subject to the Bombay high court order after the court on Thursday had allowed Madhu Kapur to challenge the resolutions that may be passed at the bank’s annual meeting.

Madhu Kapur, the widow of late Yes Bank co-founder Ashok Kapur, is fighting a case against the bank management demanding the right to nominate a director on the bank’s board citing the articles of association of the bank.

She has also opposed the appointment of new directors as well as the re-appointment of managing director and chief executive officer Rana Kapoor because she as a co-promoter was not consulted about it.

All these appointments are now subject to the court order. The next hearing of the case is on 19 June.

Yes Bank on Monday said Rana Kapoor’s appointment as managing director and CEO, the remuneration of M.R. Srinivasan, non-executive chairman, and the appointments of Mukesh Sabharwal, Brahm Dutt, Radha Singh, Saurabh Srivastava and Vasant Gujarathi as independent directors were also approved through electronic voting.

“Despite opposition by the second-largest shareholder, Madhu Kapur, all resolutions were approved with significant majority," the bank said.

“The result of the AGM is thereby a self explanatory reflection of the shareholders’ (institutional and retail) view out rightly rejecting the untenable and baseless issues raised by the second largest shareholder. It is also equally important to note that Rana Kapoor, MD and CEO has reiterated at the AGM, both in his capacity as the MD and CEO, and the promoter, that he is committed to ensure that Yes Bank maintains its organizational character which has evolved as the professionals’ bank of India. This was further reinforced by his re-confirmation that no member of his family will ever be part of the bank’s management or board," non-executive chairman Srinivasan was cited as saying in the release.

The shares of Yes Bank rose 1.82% to 537 on BSE on Monday, while the exchange’s benchmark index, the Sensex, fell 0.15% to 25,190.48 points.​​​​​​

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 16 Jun 2014, 04:38 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie