Bombay High Court defers Yes Bank case

Bombay High Court defers Yes Bank case The high-profile case of the nomination of Yes Bank's late co-founder Ashok Kapur's daughter Shagun Gogia Kapur to the private sector lender's board was deferred on Monday by the Bombay High Court, as the lender's lawyers opposed the amendments made in application by the petitioner.

Late Ashok Kapur's daughter Madhu Kapur currently owns nearly 12 per cent stake in Yes bank and wants to nominate her daughter Shagun to the board. The board rejected Shagun's nomination on June 27, saying she failed to meet the Reserve Bank of India's `fit and proper' norms.

The board, however, appointed three new executive directors, viz. Rajat Monga, Sanjay Palve and Pralay Mondal, during the same meeting.

In the draft amendments, Mrs. Kapur challenged the appointment of three recently appointed executive directors on similar grounds on which she had challenged the appointment of three whole-time directors in the original suit.

The draft amendment by the Kapurs also alleged the manner in which Yes Bank carried out its annual general meeting (AGM) on 8th of June was incorrect, particularly as it was chaired by one of the defendants - M R Srinivasan.

Mrs. Kapurs also pointed out that the lender didn't attain signatures of proxy votes and kept on voting beyond prescribed time limit.

The court deferred the case, saying the petitioners should first move the chamber summons to incorporate the amendments.

The next hearing in the case is expected to be held on July 15.