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Yes Bank lawyers oppose amendments to petition by Madhu Kapur

Last Updated: Monday, July 8, 2013 - 20:39

Mumbai: The Bombay High Court on Monday deferred the hearing on petition filed by Madhu Kapur seeking a direction to Yes Bank's board to appoint her daughter Shagun Kapur-Gogia as a nominee director, as the bank's lawyers opposed certain amendments made by Kapur to her petition.

Last week Madhu Kapur had sought leave to amend the petition, following the bank's decision not to appoint Gogia -- daughter of Madhu and her late husband, Yes Bank's co-founder Ashok Kapur -- as a director.

The list of amendments sought to be made was submitted today before Justice S J Kathawala. But the bank's lawyers opposed the amendments, saying they disclose a different 'cause of action', which is not a part of the petition.

Following this, the court postponed hearing to July 15.

Madhu and the Yes Bank board are embroiled in a dispute over the nomination of directors. After Ashok Kapur died in the November 2008 Mumbai terror attacks, Madhu nominated Shagun as the legal heir to Ashok's 12 percent stake in the bank.

Yes Bank was founded by Ashok Kapur and Rana Kapoor, who is married to Madhu's younger sister Bindu. The tussle between the two families is over a board seat. Rana Kapoor, who owns 13.7 percent in the bank, is the Managing Director and Chief Executive.

On June 6, Madhu moved the High Court, seeking to quash the appointment of three directors (Diwan Arun Nanda, Ravish Chopra and MR Srinivasan) to the board.


First Published: Monday, July 8, 2013 - 20:39
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