Kapur family had moved the court on June 6 against the appointment of Diwan Arun Nanda, Ravish Chopra and MR Srinivasan on Yes Bank board.
After lobbying hard to own a bank in India and battling allegations of money laundering, the Swiss US financial group UBS AG surrendered its banking licence in India.
Board row: Shagun Gogia files nomination, YES Bank may turn down her name; stage set for a legal battle
Bank may turn down her name, setting stage for Kapurs' legal battle with MD & CEO Rana Kapoor
“There is no recent literature that talks about the contribution of my father to the bank that he founded with Rana uncle,’’ says Shagun Gogia.
YES Bank management believes that Ashok was a partner, but his family cannot become one even though they may inherit the assets.
The legal action is for securing our rights as a partner: Shagun Gogia, daughter of YES Bank’s late co-founder Ashok Kapur
'There is no recent literature that talks about the contribution of my father to the bank that he founded with Rana uncle. It hurts the family'
We had offered to discuss the name of Madhu Kapur’s nominee on July 24. Now, we have to see the dates, and advance the board meeting to discuss the matter.
Last week, Madhu Kapur, the widow of Ashok Kapur, moved court against the nomination of Diwan Arun Nanda, Ravish Chopra and MR Srinivasan to the board.
The appointment of directors to YES Bank’s board gets more intriguing with the late Ashok Kapur’s family suspecting foul play in the appointment process.
“In family-run businesses, I have seen young members of the owner family join the boards at a very young age,” said Parekh.
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