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YES Bank seeking expert opinion

Yes Bank is said to be seeking opinion from SEBI on whether it should retain Madhu Kapur among the ‘promoter category’ in the shareholder filings since she was not the founder, though the legal heir of the cofounder Ashok Kapur. The move may be part of the bank’s view that Kapur though a substantial shareholder does not inherit the rights provided to her late husband when the bank was found. According to sources. in order to ensure compliance with law, the bank is in the process of seeking regulatory clarifications on the matter from the authorities concerned. Kapur and the bank are locked in a legal dispute over her rights to be considered a co-founder after Ashok Kapur died in a terrorist attack in Mumbai in 2008. She contends that being a legal heir of late Kapur, she also inherits the right to nominate a director. But the bank has turned down the plea. Recently, the bank board refused to grant Madhu Kapur ‘Indian promoter’ status as the widow and legal heir of cofounder Ashok Kapur.

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