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YES Bank board rejects Madhu Kapur’s claim

The board of directors of YES Bank has rejected the claim of Madhu Kapur that she is qualified as a promoter of the bank. The bank said in a statement that Madhu Kapur “being successor of late Ashok Kapur cannot be considered as Indian partner or India promoter and accordingly, cannot inherit the rights under articles of association or the status of promoter of YES Bank”. This action leaves the issue where it remained earlier even as the Bombay High Court asked the warring sides to settle the issue amicably. Madhu Kapur has been claiming she has the right to name directors as the widow and legal heir of co-founder Ashok Kapur and she had moved the Bombay High Court in this matter. The other co-founder Rana Kapoor, currently the bank’s managing director and chief executive, has been resisting the demand by Kapur that she be allowed to nominate directors. Kapur contends that she inherited not just her late husband’s economic interests in the bank but also his right to nominate a director. Rana Kapoor and Ashok Kapur jointly founded the bank in 2004. Ashok Kapur was killed in the Mumbai terrorist attacks of November 2008. Incidentally, Kapoor is married to Madhu Kapur’s sister. Madhu Kapoor owns 11.92% stake in the bank while Rana Kapoor owns 13.64%.

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