Yes Bank on July 16 filed an appeal with a division bench of the Bombay High Court against a single-judge order of the court in its dispute with Madhu Kapur, according to the court’s website. Yes Bank has challenged the order that gave Kapur the right to jointly nominate directors on bank’s board.
On June 4, Justice GS Patel ruled that the two promoters of Yes Bank — Rana Kapoor and Madhu Kapur — should jointly nominate three directors on the board of the bank. The 153-page court order said that after the death of Ashok Kapur, the former promoter of Yes Bank, his widow Madhu Kapur will inherit the joint nomination rights.
Ashok Kapur died in the 2008 Mumbai terrorist attack. “The right must be exercised jointly or not at all,” said the high court order.
According to the high court website, the fresh case by Yes Bank will be heard on 23 July.
Madhu Kapur took Rana Kapoor and Yes Bank to court in June 2013. Kapur has been demanding the right to nominate a director to the bank’s board.