Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Bombay HC rejects Madhu Kapur plea against Yes Bank directors
BackBack

Bombay HC rejects Madhu Kapur plea against Yes Bank directors

Madhu Kapur had sought a stay on two non-independent directors Diwan Arun Nanda and M.R. Srinivasan assuming office

The ruling came after a two-year legal battle initiated by Madhu Kapur and her family against Yes Bank and its MD and CEO Rana Kapoor, demanding the right to nominate directors on the bank’s board. Photo: Abhijit Bhatlekar/MintPremium
The ruling came after a two-year legal battle initiated by Madhu Kapur and her family against Yes Bank and its MD and CEO Rana Kapoor, demanding the right to nominate directors on the bank’s board. Photo: Abhijit Bhatlekar/Mint

Mumbai: The Bombay high court has rejected a fresh petition filed by Madhu Kapur to prevent two directors from joining the board of Yes Bank Ltd, the bank said in a press release.

Madhu Kapur had on Wednesday sought a stay on two non-independent directors Diwan Arun Nanda and M.R. Srinivasan assuming office because they were both above 70, the cut-off age prescribed by the Reserve Bank of India (RBI), and hence not fit and proper.

“The permission granted by RBI to Diwan Arun Nanda and M.R. Srinivasan cannot be the subject of an ad interim relief and nor is the court inclined to look behind the said permission," the high court said, according to the Yes Bank release.

The latest order means that Nanda and Srinivasan can “assume office with immediate effect," the release said.

Madhu Kapur’s lawyers could not be immediately reached for comment.

“The honourable court has also prima facie validated the appointment of Diwan Arun Nanda and Ajay Vohra as independent directors on the board of Yes Bank, stating that their appointment at the 11th annual general meeting of Yes Bank held on 6 June 2015 in terms of the Companies Act, 2013, is in compliance with the observations made by the honourable court in its judgment dated 4 June 2015," the bank said.

In its judgment dated 4 June and released to the public on Wednesday, the high court recognized Madhu Kapur and her children Shagun Kapur Gogia and Gaurav Kapur as successors of late co-founder Ashok Kapur, giving them the right to nominate directors to the board of India’s youngest commercial bank.

The ruling came after a two-year legal battle initiated by Madhu Kapur and her family against Yes Bank Ltd and its managing director and chief executive officer Rana Kapoor, demanding the right to nominate directors on the bank’s board.

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: 18 Jun 2015, 10:10 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie