No respite for Madhu Kapur in Yes Bank battle as HC denies interim relief
07 May 2015
The Bombay High Court has denied any interim relief to Madhu Kapur, widow of YES Bank co-founder Ashok Kapur, in the nearly two-year-long legal dispute between members of the Yes Bank founder family and the bank's two largest shareholders – CEO and MD Rana Kapoor and Madhu Kapur.
Judge JS Patel deferred the passing of a judgement till Tuesday, 12 May. However, the court suggested that both the shareholders should reduce their stake to below 10 per cent, so that both the parties lose their right to nominate to the board.
According to the court, if both the parties reduce their stakes then all other issues would be resolved. However, no final order was passed.
Rana Kapoor's wife and Madhu Kapur are sisters.
Madhu Kapur had taken her brother-in-law Rana Kapoor to court seeking the right to nominate directors on the bank board as the second-largest shareholder in the bank.
Madhu Kapur has been fighting along with daughter Shagun Kapur Gogia, for rights as the legal heir of the private bank's promoter in appointment of directors on the board.
Kapur's husband Ashok, who cofounded the bank with Rana Kapoor, passed away in the 26/11 in the terrorist attack at the Taj in 2008.
Sources close to Madhu Kapur said the court is likely to strike down the appointment of some directors in Yes Bank who were not appointed through mutual consent.
However, Yes Bank sources pointed out that the court had pointed out that Gogia had not inherited the right to join the bank's board.