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YES Bank goes in appeal against Bombay High Court order

YES Bank has appealed against the Bombay High Court judgment of 17 June in the case filed by it against founder promoter Madhu Kapur. The court order was actually stayed for operations till 21 July and the appeal by the bank got the order stayed further till 4 August. The judgment had annulled the appointment of two directors on the bank’s board and declared void the proposed appointments of three other directors – Rajat Monga, Sanjay Palve and Pralay Mondal. The order also specified that the appointment of board members should be jointly exercised by both the promoters – Madhu Kapur and Rana Kapoor. The two parties have been in litigation for over two years over the right to nominate directors on the board of the bank. Madhu Kapur, widow of the founder-promoter of the bank Ashok Kapur, has been seeking the right to jointly nominate directors on board as the promoter of the bank. The bank had contested this claim.

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