BackMadhu Kapur challenges Yes Bank AGM resolutions in amended petition
Resolutions include reappointment of Rana Kapoor as MD, CEO, as well as the appointments of M.R. Srinivasan as chairman and new directors
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Mumbai: The Bombay high court on Friday admitted an amended petition by the Madhu Kapur group challenging some resolutions passed by Yes Bank Ltd at its annual general meeting (AGM) on 14 June.
The resolutions include the re-appointment of Rana Kapoor as managing director and chief executive officer, as well as the appointments of M.R. Srinivasan as chairman and new directors. The shareholders had approved al the 12 resolutions.
On 12 June, the high court had allowed Madhu Kapur to challenge resolutions passed by the bank at its AGM.
On Friday, justice Gautam Patel also ordered Yes Bank to hand over a copy of the minutes of the AGM to Madhu Kapur within 10 days.
“All the letters of correspondence between the parties and the Reserve Bank of India (with regards to the classification and declassification) have been exchanged" said Dinyar Madon, a senior counsel representing Madhu Kapur.
Madhu Kapur, the widow of late Yes Bank co-founder Ashok Kapur, has taken the present bank management to court seeking the right to nominate directors on the bank’s board as co-promoter.
The present management led by Rana Kapoor has refused to grant a nomination, arguing that promoter rights are not inherited.
The next hearing of the case is on 23 July when both sides will put forth their points through arguments.
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