BackYes Bank appeals Bombay HC order
The bank has appealed the order which recognized Madhu Kapur and her children as successors of late co-founder Ashok Kapur
Premium
Mumbai: Yes Bank Ltd has appealed a June order of the Bombay High Court, which recognized Madhu Kapur and her children Shagun Kapur Gogia and Gaurav Kapur as successors of late co-founder Ashok Kapur.
The appeal has been filed with the two-judge bench of justice B.P. Colabawala and justice V.M. Kanade; it will be heard on 4 August.
Shagun Kapur Gogia confirmed receiving intimation of the appeal in the high court earlier on Monday but declined to comment, as she is yet to read the details of the appeal. A Yes Bank spokesperson did not respond to an email seeking comment.
In a 152-page order in June, justice G.S. Patel while recognizing the rights of the Madhu Kapur family, also “impeached" the appointments of Yes Bank directors Ravish Chopra, M.R. Srinivasan, Diwan Arun Nanda, Ajay Vohra, Rajat Monga, Sanjay Palve and Pralay Mondal, calling them “invalid", “ultra vires to the articles of association of the bank" and “null and void".
The bank is believed to be challenging this order just before the end of a five-week stay granted to allow the bank to make the appeal. The ruling came after a two-year legal battle initiated by Madhu Kapur and her family against Yes Bank and its managing director and chief executive officer Rana Kapoor, demanding the right to nominate directors on the bank’s board.
Yes Bank shares fell 0.67% to ₹ 819 on BSE; the exchange’s benchmark Sensex shed 0.15% to 28,420.12 points.
Rana Kapoor and Madhu Kapur are the two largest shareholders of the bank with stakes of 11.77% and 10.29%, respectively, according to the latest publicly available data.
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!
