Madhu Kapur had argued that her rights as a promoter, as assured under the Articles of Association, had been bypassed and that she had not been consulted at the time of nomination.
The ongoing dispute between the promoters of Yes Bank over Shagun Gogia, daughter of Madhu Kapur, being denied a seat on the board, took a decisive turn with the Bombay HC ruling that it was empowered to adjudicate on questions of the appointment of directors.
After Shagun Gogia being refused entry into the board in 2009 and 2013, Madhu Kapur (widow of Yes Bank promoter – Ashok Kapur) moved the Bombay HC challenging the appointment of three directors. Madhu Kapur opposed the appointment of Diwan Arun Nanda, MR Srinivasan and Ravish Chopra. She claimed that these three had been nominated by Rana Kapoor.
Madhu Kapur had argued that her rights as a promoter, as assured under the Articles of Association, had been bypassed and that she had not been consulted at the time of nomination. As per the RBI approved Articles of Association of Yes Bank, "Indian Partners" are allowed joint nomination rights.
Counsels for Yes Bank had argued that Section 10(A) of the Banking Regulation Act provides that the appointment of directors, once approved by shareholders, cannot be challenged in a court of law. Yes bank had sought to protect 3 directors under the Banking Regulation act, by seeking an outright rejection of the plea
The HC, setting a precedent, ruled that it was not barred from hearing such an appeal that questions the appointment of directors. By ruling in favour of Madhu Kapur the court has disallowed any protection to the 3 directors in question.
The HC will now hear the arguments from both sides, with Madhu Kapur likely to raise questions about violation of promoter rights and corporate governance standards.
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