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YES Bank dispute: HC gives time till 2 June

The Bombay High Court has given time till 2 June for YES Bank’s warring founders to settle their dispute amicably. Justice Gautam Patel told Rana Kapoor, founder, MD and CEO of the bank, and Madhu Kapur, widow of another founder Ashok Kapur and a shareholder in the bank that they should settle their dispute by 2 June with regard to the right to nominate directors on the bank’s board. He took note of the fact that both the parties are in talks and as such said he is deferring the proceedings till 2 June to enable both the sides to arrive at an amicable solution. Madhu Kapur, who holds 10.29% stake in the bank with her children, is pursuing nomination of his daughter Shagun Gogia on the bank’s board. The bank has, however, argued that appointment of directors by the bank’s board cannot be questioned in a court of law. The court had earlier suggested that both the sides should reduce their stakes to less than 10% in the bank to resolve the dispute over the right of nomination of directors.

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