Mondays direction from the court is, however, a big step forward for Madhu Kapur, wife of late Ashok Kapur who had moved the application for the nomination of Gogia.
Justice SJ Kathawalla directed Kapur to make a formal representation to the bank, nominating her daughter as a nominee-director by June 15 so that the bank can place the proposal before the board. After the board holds its meeting on June 27, it has been asked to inform the court about its decision by July 1.
Commenting on the tussle, Macquarie Equities Research said, We dont think the fundamentals of the bank are going to get affected in anyway. However, this does pose a question to RBI, who is in the process of granting licenses to various promoters and corporate groups, about power struggles and in general implications for the financial sector if we have variants of Yes Bank battle in the years ahead.
Meanwhile, the bank announced that the appointments of three directors Diwan Arun Nanda, Ravish Chopra and M R Srinivasan which was put to vote last Saturday was passed by the shareholders. 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 three aforesaid directors, the bank said.
Yes Bank, Bombay High Court, business news