Appointment of directors put to vote; Bombay HC to have final say

The tussle between the promoters of YES Bank over board-level appointments spilled into the private lender’s annual general meeting (AGM) today, as crucial resolutions to induct three board members were opposed by several shareholders.

As a result, the proposals to induct the board members were put to vote, the outcome of which will be known by Monday. The voting was closely monitored by an appointed scrutiniser and representatives of both the parties.

The ballot outcome may not have any direct legal bearing as the Bombay High Court had said the appointments of the three directors would be subject to its directions. All resolutions were passed in the AGM unanimously or with a majority, barring resolutions relating to the appointment of Diwan Arun Nanda, Ravish Chopra and M R Srinivasan as directors.

Madhu Ashok Kapur — the widow of YES Bank’s late co-founder Ashok Kapur — and her two children had moved the high court requesting a stay on the AGM. Though the high court refused to order a stay, it said the directors’ appointment will be subject to court’s order. Kapur wanted her daughter, Shagun Kapur Gogia, to have a board seat. “The bank is doing well. But our rights should also be recognised,” she said, refusing to elaborate as the matter was sub judice.

Source: Business Standard

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