Yes Bank to submit view on Gogia to court on July 1

Yes Bank has said the outcome of today’s board meeting on the issue of nomination of Sharun Gogia, will be submitted to the Bombay High Court on July 1.

business Updated: Jun 28, 2013 02:52 IST
HT Correspondent
HT Correspondent
Hindustan Times

Private sector lender, Yes Bank, which is facing legal tussle between the promoters on the issue of nomination of Shagun Gogia, the 38-year-old daughter of the bank’s late co-founder Ashok Kapur , has said the outcome of Thursday’s board meeting will be submitted to the Bombay High Court on July 1.

“As the matter is sub-judice, the final decision of the Board of Directors of Yes Bank on the subject will be submitted to the honourable Bombay High Court at its scheduled hearing on July 1, 2013 as per the court order,” said spokesperson from the company.

After Ashok Kapur’s death in November 2008, his wife Madhu Kapur, who holds 12% stake in Yes Bank, had approached its board requesting a membership for herself or her daughter Shagun who is a double-graduate in biology and economics from Tufts University near Boston, US and also holds an MBA in finance from ISB, Hyderabad.

After stints with Rabo India and ICICI Venture, Shagun started off Tuscan Ventures, a venture capital fund focused on logistics.

The board had then rejected the request, citing Reserve Bank of India’s (RBI) ‘fit and proper’ guidelines for board members.

On June 10 the Bombay High Court directed Yes Bank to advance its board meeting to June 27 to consider appointment of Shagun Kapur Gogia as the director on the board. Earlier the bank was to hold the meeting on July 24 to consider Gogia’s appointment. The court had posted the matter for next hearing on July 1.

On June 6, 2013, Gogia and Madhu Kapur, had sought a stay on Yes Bank’s annual general meeting (AGM) on June 8, since the board had appointed three new directors without their prior consent in October 2012.

First Published: Jun 27, 2013 22:48 IST