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Yes Bank has decided to appeal against the Bombay High Court judgment in the Madhu Kapur and Yes Bank case.
The judgment or the court order that was made public on June 17 had been stayed for operations for a period of 5 weeks which ends today (July 21).
However, with the new appeal against the court order by the mid-sized private bank, the order had been stayed yet again till August 4.
As per the judgment, the appointment of two directors on Yes Bank Board were termed "invalid" and the proposed appointments of three other directors - Rajat Monga, Sanjay Palve and Pralay Mondal - were void.
The court order specifies in the judgment that the appointment of Board members should be jointly exercised by both promoters - Madhu Kapur and Rana Kapoor.
For over 2 years, Madhu Kapur, widow of Yes Bank's late co-founder Ashok Kapur, and brother in law Rana Kapoor, bank's MD and CEO, are at loggerheads over the right to nomination of directors on Board.
Madhu Kapur, successor of promoter shareholding from Ashok Kapur, has been seeking the right to jointly nominate directors on Board as the promoter of the bank.
Yes Bank has contested that saying that as per the norms, the successor cannot inherit the right to nominate directors.
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