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YES Bank AGM approves all resolutions at AGM

YES Bank’s shareholders have approved all the 12 resolutions that were put to vote at the bank’s 10th annual general meeting on 14 June. Apart from the financials, the resolution on re-appointment of Rana Kapoor as MD & CEO, along with the appointment of other directors was also put to vote. As much as 67% of the shareholders had participated in the voting, compared to 57% in 2013. M.R. Srinivasan, non-executive chairman, YES Bank, said, the result of the AGM is thereby a self-explanatory reflection of the shareholders’ (institutional and retail) view out rightly rejecting the untenable and base issues raised by the second largest shareholder. Madhu Kapur, the second-largest shareholder, had moved court, claiming her right as the bank’s co-promoter was violated and she was not consulted before the bank had appointed a few directors on its board. Kapur’s daughter, Shagun Kapur Gogia, had also applied to be a member of the bank’s board in June 2013, but the board had rejected her nomination on the basis that she lacked sufficient experience.

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