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YES Bank’s board has yet again rejected Madhu Kapur’s claims to inherit the promoter’s rights in the bank.
The board has rejected the conditions of Madhu Kapur, widow of co-promoter Ashok Kapur, to accept her as an Indian partner or promoter, according to a person in the know of the developments.
According to a YES Bank spokesperson, “The board decided that Ms Madhu Kapur being successor of late Ashok Kapur cannot be considered as Indian partner or India promoter and accordingly, cannot inherit the rights under Articles of Association or the status of promoter of YES Bank.
“While Ashok Kapur, was indeed a co-promoter, on the basis the of deliberation and expert advise, it is abundantly clear that financial family successors (sic) do not automatically become part of the promoter group given the regulatory criteria for bank promoters.”
On April 15, the Bombay High Court had asked both parties to solve the dispute amicably out of court.
Following the failure of the talks, the Bombay High Court will hear both the parties on Tuesday.
A person from the Madhu Kapur camp, requesting anonymity, said, “Nothing new has been proposed or conveyed to us. All the reasons are same. We have stuck to our stand and are waiting for the next hearing.” The person also said, “We have no intention of selling any shares from our side. And we are ready to work with anyone who buys stake in the bank.”
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