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Monday, August 5, 2013

Private sector lender Yes bank's management is trying to settle disputes with the bank's late co-founder Ashok Kapur's wife Madhu Kapur out of court, a person with direct knowledge of the matter said.

Speaking on the condition of anonymity, the person revealed that Yes Bank MD & CEO Rana Kapoor on Saturday met with Madhu Kapur as part of his efforts to hit settlement.

Mr. Rana reportedly is ready to recognize Madhu Kapur's right as a co-promoter in Yes bank but he is still refusing to accept Madhu Kapur's right on a seat among directors.

Revealing the development, the person said, "In the meeting Rana Kapoor verbally agreed to recognize Madhu Kapur's right as a co-promoter in the bank but refused to allow nomination of a director in the bank's board."

The meeting, which took place at Madhu Kapur's son Gaurav's Worli flat, failed to resolve the issue. But, it was the first such attempt to reach a settlement since Madhu Kapur dragged the bank's management to the Bombay High Court, claiming her right to nominate a director on bank's board.

Madhu wants to nominate her daughter Shagun Gogia as a director of the bank, but the bank has been rejecting the demand. Madhu's husband and Yes bank co-founder Ashok Kapur had died in the 2008 terrorist attacks at Mumbai's Trident Hotel.

A spokesperson for Yes Bank didn't confirm or deny the meeting, saying the bank couldn't comment on sub judice matter.


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