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The YES Bank promoter family feud is likely to continue, with counsel representing Madhu Kapur asking for time till Thursday to file a reply to the affidavit furnished by the bank.
The next hearing will now take place on Friday.
The families of the promoters are locked in a battle over their right to appoint directors to the bank’s board.
Counsel representing YES Bank has, however, requested the Bombay High Court to dispose of the petition saying that each passing day affects the image of the bank due to the publicity the issue gets.
In a high-decibel argument, which barely lasted a few minutes, Madhu Kapur’s counsel said that his clients need time to go through the affidavit submitted by YES Bank and file fresh amendments to their original motion.
The first motion was filed by Madhu Kapur on June 6 stating that she was not consulted by YES Bank on the appointment of the three directors — M. R. Srinivasan, Diwan Arun Nanda and Ravish Chopra — to the bank’s board.
Director appointment
The Madhu Kapur camp has argued that, as per the bank’s Articles of Association, it is their right to be consulted regarding appointment of directors.
Madhu Kapur, widow of the bank’s co-founder Ashok Kapur, holds 12 per cent of YES Bank’s shares. Rana Kapoor, co-founder and the present CEO and Managing Director, owns 13.71 per cent.
Also Madhu Kapur’s daughter Shagun Kapur’s nomination was rejected by the bank’s board on Friday. It remains to be seen whether the Madhu Kapur camp will challenge this decision of the board.
>satyanarayan.iyer@thehindu.co.in
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