Yes Bank not to accept Gogia as a director

Yes Bank not to accept Gogia as a directorYES Bank has said that it will not accept the application filed by Shagun Gogia to be a part of its board of directors.

The bank said that she cannot become a member of the board as the legal heir of one of the two founders. The bank also cited composition of boards of other banks such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank.

"The board evaluated the submissions considering the past and current composition and profile of the board of the bank, the current composition of the boards of peer banks Kotak Mahindra Bank BSE 2.40 % and the three largest private-sector banks," Yes Bank's company secretary wrote to Madhu Kapur, mother of Gogia and widow of co-founder Ashok Kapur.

The letter also said that the. Board has decided not to accept the recommendation given by the mother to appoint Gogia as a member of the board.

The Bombay High Court had asked the bank to consider Kapur's nomination to the board of the directors. Gogia had filed the application for a seat on the Board for the second time since 2009.