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YES Bank denies Madhu Kapur’s allegations

YES Bank has written to its shareholders claiming that the allegations made by Madhu Kapur in her communication to shareholders against its board of directors and key management executives of the bank are baseless and untenable. The bank urged the shareholders to be aware of the true picture of the management, its performance and corporate governance practices while voting at the annual general meeting on 14 June. Madhu Kapur, widow of YES Bank co-founder Ashok Kapur, had earlier appealed to the shareholders requesting them to vote against a majority of the resolutions that will be placed at the AGM. She had accused the bank’s top management of not running the institution professionally and alleged irregularities over appointment of directors. She had also moved the Bombay High Court claiming her right as co-promoter of YES Bank was violated. The bank strongly denied these allegations, saying her statements were incorrect and defamatory and added that its board of directors and management consist of competent and professional individuals, which reflects that it is run in a professional manner.

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