YES Bank files appeal against Bombay High Court order

YES Bank has filed an appeal against the Bombay High Court judgment in the YES Bank and Madhu Kapur case. The court order was made public on June 17 but had been stayed for operations for a period of five weeks which ends on Tuesday.

However, with the new appeal, the order had been stayed for operations till August 4, which is the next date for hearing. According to the judgment, the court had 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. It had also said that the appointment of board members should be exercised jointly by both the promoters.

Kapur’s husband, Ashok Kapur had co-founded YES Bank with his brother-in-law Rana Kapoor. Madhu Kapur and Rana Kapoor’s wife Bindu are sisters. Kapur, the second-largest shareholder, had moved court claiming her right as the bank’s co-promoter was violated and she wasn’t consulted before the bank had appointed a few directors on its board.

Yes Bank