Money & Banking

YES Bank case: Court accepts draft amendments filed by Madhu Kapur next hearing on July 29

Satyanarayan Iyer Mumbai | Updated on March 12, 2018

The next hearing in the Madhu Kapur versus YES Bank case in the Bombay High Court is scheduled for July 29.

The court on Monday accepted the draft amendments filed by Madhu Kapur on July 8.

YES Bank did not oppose the amendments and a senior bank official, on the condition of anonymity, said: “We will take up each clause in the amendment and either accept or oppose it on merit basis in the next hearing.”

The draft amendment relates to the reasoning given by the Madhu Kapur camp as to why they should also have a say in the appointment of three directors on the bank’s board.

YES Bank has been opposed to such a “right,” citing that the privilege to appoint directors solely rests with the Indian partners — the bank’s CEO and Managing Director Rana Kapoor and late co-founder Ashok Kapur.

After the demise of Ashok Kapur, the privilege now rests solely with Rana Kapoor, according to YES Bank.

Also, on the request of Madhu Kapur’s counsel, Darius Khambata, for complete notes of the Annual General Meeting (AGM) as well as the video recording for more detailed inspection, the court asked them to write a letter to the bank today. It directed the bank to respond to the letter by Tuesday.

“The bank will consider this request on merit, after referring to the Companies Act,” the aforementioned official said.

Till now, YES Bank has only shared the minutes of the AGM with the Madhu Kapur camp.

>satyanarayan.iyer@thehindu.co.in

Published on July 15, 2013

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