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Madhu Kapur seeks RBI intervention

Madhu Kapur, who has been waging a batte with Rana Kapoor, MD and CEO of YES Bank, seeking a place on the board of the bank for her nominees, has approached the Reserve Bank of India seeking to prevent Kapoor’s renomination as MD and CEO for another term. Kapur, widow of Ashok Kapur, one of the founders of the bank, is understood to have written to the regulator requesting that it does not give approval to the appointment of any person as chairman and managing director of the bank unless it is jointly recommended by Rana Kapoor and successors of late Ashok Kapur as per the articles of association. She is believed to have addressed a letter to this effect to the deputy goernor of the RBI. The letter was jointly signed by her and her daughter Shagun Kapur Gogia and son Gaurav Kapur. The post of chairman and managing director falls vacant in June and August, respectively. At present Rana Kapoor is the MD & CEO and M.R. Srinivasan is the chairman of the bank.

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