Private sector lender Yes Bank, in the news recently over two of its directors, M R Srinivasan and Diwan Arun Nanda, assuming office Friday and cutting base rate from 10.75 per cent to 10.50 per cent, got a boost with Systemix putting a ‘buy’ recommendation on its stock.

Yes Bank stock is expected to move in a range, and above Rs 844 would lead to the upper levels of the range – Rs 897-909. On breakout above Rs 909, its next target would be Rs 930-971-1,022 levels.

The Bombay High Court has not provided any ad interim relief to Madhu Kapur, the second-largest promoter of YES Bank, who has been seeking a stay on the reappointment of two directors — M R Srinivasan (non-executive director) and Diwan Arun Nanda (independent director).

Kapur had raised objection to the reappointment of the two directors, which has been already approved by the shareholders at the annual general meeting held earlier this month.

The Bombay High Court on Wednesday termed "invalid" the appointment of two directors on YES Bank's board and declared that the proposed appointments of three others - Rajat Monga, Sanjay Palve and Pralay Mondal - were void. For two other board members, the court questioned their appointment as independent directors.

In a ruling that can be termed as a setback for the Rana Kapoor camp, the court said the appointment of board members be exercised jointly by the promoters, not individually. "Although the right to recommend is the right to nominate, it is an indivisible right and must be exercised jointly," the order said, adding "any recommendations made by the first defendant, Rana Kapoor, without the concurrence and consent of the plaintiffs [Madhu Kapur and Shagun Kapur Gogia] are also ultra vires the Articles and are null and void."

State Bank of India (SBI), the country's largest lender, on Monday paid Rs 1,290 crore as advance tax for the first quarter of the current financial year, a rise of four per cent over the same period last year.

“We have paid Rs 1,290 crore as against Rs 1,240 crore (in the first quarter of the last financial year),” a bank official, who declined to be identified, said.

We have full visibility of a 25 bps base rate cut at Yes Bank very soon, the lender's managing director and chief executive Rana Kapoor told reporters here today.

Kapoor said that he has also been invited for the meeting with Jaitley on Friday morning and added that calling private sector bankers is a good move by the ministry.

Banking stocks are gaining across the exchanges after the Reserve Bank of India (RBI) gave a nod to the banks to take control of debt-laden companies by existing debt into equity, if a debt restructuring fails to revive them within a timeframe.

In cases of restructuring of accounts, borrower companies are not able to come out of stress due to operational/ managerial inefficiencies despite substantial sacrifices made by the lending banks.

Private sector lender YES Bank's shareholders have approved the re-appointment of Rana Kapoor as managing director and chief executive officer (CEO) for a period of three years. The shareholders also approved 11 other resolutions at the annual general meeting held on Saturday.

“The re-appointment was approved with a unanimous majority (99.97 per cent), excluding the vote of the shareholder, Madhu Kapur family,” said the bank.

Mumbai: The Bombay high court on Friday said two directors eligible for reappointment on the board of Yes Bank Ltd should not assume office till 18 June.

The appointments of Diwan Arun Nanda and M.R. Srinivasan as directors were among the resolutions put forward to the shareholders for the bank’s annual general meeting (AGM), which is to be held on Saturday. The order means both directors cannot assume office even if investors approve a fresh term.

After two years, the Bombay High Court passed an order in the YES Bank and Madhu Kapur case on Thursday. However, the order is yet to be made public. The judge has asked the two parties to go in for a further round of mediation. Both parties will receive a copy of the order and the round of mediations will be based on it. The next hearing is scheduled for June 17.

In 2013, the dispute between the promoters of YES Bank over board-level appointments had come to light ahead of the bank’s annual general meeting (AGM). The judgment was passed two days ahead of the AGM scheduled on Saturday.

Mumbai: The Bombay high court on Wednesday said that the court-convened meeting between the two parties in the Yes Bank Ltd versus Madhu Kapur case will continue on 2 June.

The case relates to the two-year-long family dispute between Yes Bank’s two largest shareholders Rana Kapoor and Madhu Kapur.

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