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YES Bank appeals against Bombay HC ruling

YES Bank has filed an appeal in the Bombay high court, challenging the court’s 24 March ruling that it has the jurisdiction to hear the plea of Madhu Kapur in a case involving her right to nominate directors on the bank’s board. The matter came up before a two-judge bench in the high court. A spokesperson for the bank confirmed the development. The bank has also requested a stay on the 24 March order by justice Suresh Gupte that the case will henceforth be heard on its merits, overruling the bank’s contention that Kapur’s plea is not maintainable and should be dismissed. Kapur is the widow of Ashok Kapur, one of the promoters of the bank along with Rana Kapoor. Rana Kapoor’s wife Bindu Kapoor and Madhu Kapur are sisters. Ashok Kapur died in the 26 November 2008 Mumbai terrorist attack.

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