News Details

( 10/10/2018 00:30)
Yes Bank promoter families look to settle differences: Sources

Two warring promoter families of Yes Bank are believed to be in talks to settle their differences and a meeting of representatives from both sides is likely on Wednesday, sources said according to the PTI report.

The tussle is between the families of Yes Bank founders -- Rana Kapoor and Ashok Kapur. After the death of Kapur, his wife Madhu Kapur wanted her daughter Shagun Kapur Gogia to be nominated on the bank's board but the proposal was rejected, following which the matter reached the Bombay High Court.

Shagun Kapur Gogia and Yes Bank Senior Group President Rajat Monga -- on behalf of Rana Kapoor -- may have a meeting Wednesday, sources told PTI on Tuesday.

The meeting was to happen last Friday, they added.

"The promoter and founding member families are believed to be in talks to resolve the matter at the earliest, keeping behind the past, as it would be in interest of all the stakeholders as well as the 20,000 plus employees of Yes Bank," sources said.

The meeting may take place this week, possibly Wednesday, said sources.

Madhu Kapur had moved the Bombay High Court in June 2013, seeking to quash the appointment of three directors on its board and also alleged that Rana Kapoor was attempting to deprive her and her children a place in the board as the legal heir of late Ashok Kapur.

As on June 30, 2018, the promoter and promoter group had a total 19.98 shareholding in Yes Bank. Of this, Rana Kapoor owns 4.34 per cent and Madhu Kapur 7.62 per cent, respectively in their individual capacities.

"The single bench of the Bombay High Court has settled most of the points, so the court order (whenever it comes) could serve as the common ground for the truce," according to sources.

"Rana Kapoor is keen on resolving the issue as soon as possible as the long-pending legal battle between the two promoter group families is not doing any good to anybody," they said.

Following RBI directive on non-continuance of Kapoor beyond January 2019, Yes Bank board has sought more time from the regulator till September for a suitable successor.

The board of the bank has formed a five-member panel including two members from outside the bank to find a successor to founder CEO Rana Kapoor.

Former IRDA chief TS Vijayan and former SBI chief OP Bhatt have been appointed as external members in the search committee.

The panel will also consist of board members Brahm Dutt, Lt Gen (Retd) Mukesh Sabharwal and SC Kalia.

The MD selection panel will hold its first meeting on October 11.

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