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Yes Bank gets shareholders' nod for three new directors

Last Updated: Monday, June 10, 2013 - 21:46

Mumbai: Private sector lender Yes Bank, whose two promoters are involved in an open battle for board control, today 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 percent 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 percent 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.

Three directors were sponsored by Managing Director and Chief Executive Rana Kapoor, who holds 13.72 percent stake in the bank. They were opposed by Madhu Kapur.

Kapur, who holds 12 percent 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 USD 500 million of incremental capital this year. "The bank would aim to raise this capital during the current year, potentially through GDRs, in combination with a QIP and domestic institutional investors, to ensure fullest and widest participation of all investor classes," Rana Kapoor said in a statement.


First Published: Monday, June 10, 2013 - 21:46
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