Madhu Kapur, widow of YES Bank co-founder Ashok Kapur, has written to the bank’s shareholders appealing to them to vote against most resolutions to be placed at the bank’s annual general meeting on 14 June. “It is important to first clarify that as the second-largest shareholder of the bank, I do not desire the functioning of the bank to be disrupted in any manner whatsoever. Therefore, I recommend you to pass the accounts but limit myself to requesting you to vote against resolution numbers four, five, six, seven, eight, nine, and 10, which I believe are not in the interest of the bank or its shareholders, and resolution number 11, which is in breach of the articles and the rights of late Ashok Kapur’s family,” she wrote in a letter to the shareholders. Ashok Kapur had co-founded YES Bank with his brother-in-law Rana Kapoor, the bank’s managing director and chief executive. Madhu Kapur and Rana Kapoor’s wife Bindu are sisters. Last year, Madhu Kapur had moved the Bombay High Court, claiming her right as co-promoter was violated, adding she wasn’t consulted before the bank had appointed directors on its board. She requested shareholders to vote against the resolutions seeking appointment of other independent directors and reject taking on record the Reserve Bank of India (RBI)’s approval of M.R. Srinivasan’s appointment as non-executive part-time chairman.
