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YES Bank restrained on appointment of directors

The Bombay High Court has restrained two directors appointed by YES Bank – M.R. Srinivasan and Diwan Nanda – from assuming office until 17 June 17 when the court will hear the case filed by Madhu Kapur, wife of the late Ashok Kapur, co-founder and shareholder of the bank. The bank said in a press release that in a spirit consistent with an intention to amicably resolve the matter, the bank has offered that M.R. Srinivasan and Diwan Arun Nanda, upon election, at the AGM, will not assume office until 17 June. The court’s restrait comes ahead of the AGM of the bank. The two-year-old court battle between two of the bank’s promoters – Rana Kapoor, CEO and MD, and the largest shareholder and founder, and Madhu Kapur- had seen a development on 2 June when the judge hearing the case not allowing the order he passed to be made public as he wanted the warring factions to reach an amicable settlement. Madhu Kapur had raised an objection to the reappointment of the two directors at the AGM on the grounds that as per fit and proper guidelines of the RBI, non-executive directors in private sector banks have to be between 35-70 years of age.

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