Yes Bank appoints new directors

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Mumbai: Private sector lender Yes Bank, whose two promoters are involved in an open battle for board control, on Monday said an overwhelming majority of shareholders have approved the appointment of three new directors.
The appointments were put to vote last Saturday at the bank’s AGM following the dissent by Madhu Kapur, the wife of the late Ashok Kapur, one of the founders and chairman of the bank.“Three resolutions pertaining to the appointment of Diwan Arun Nanda, Ravish Chopra and M.R. Srinivasan, whose appointments were earlier approved by the board, were put to vote following request by a shareholder.
“Overall 57 per cent of the total shareholder ownership votes were polled, and the general body of the shareholders passed all the three resolutions with an overwhelming majority of about 80 per cent and elected all the three aforesaid directors,” the city-based bank said in a statement.
Last Saturday, Yes Bank was forced to resort to paper ballots for appointment of three new directors following dissent by Madhu Kapur, the wife of Ashok Kapur, who was killed in the 26/11 terror attack. He was chairman of the bank when died.
Of the three directors, two were the nominees of managing director and chief executive Rana Kapoor, who holds 13.72 per cent stake in the bank, while Nanda is an independent director. These appointments were opposed by Kapur.
Kapur, who holds 12 per cent stake, wants a say in board appointments and also wants her married daughter Shagun Kapur Gogia as her nominee on the board. But, she has never formally put an application in this regard. Meanwhile, the bank also said it has received shareholders’ approval to raise $500 million of incremental capital this year.
Meanwhile, The the Bombay High Court asked Yes Bank to advance its board meeting and hold it before June 27 while asking plaintiff Madhu Kapur, wife of the bank’s deceased co-founder Ashok Kapur, to name her nominee for a board position.