<p>Shareholders of private sector lender YES Bank have cleared all the 12 resolutions that were put to vote on Saturday last at the bank's tenth annual general meeting (AGM) here. <br /><br /></p>.<p>So much so, over 67 per cent of the shareholders had participated in the voting during the week-end as compared with 57 per cent in the previous year (2012-13)<br /><br />Apart from the financials, resolution on re-appointment of Rana Kappor as managing director and chief executive officer (MD & CEO) of YES Bank, along with the appointment of other directors was also put to vote. <br /><br />M R Srinivasan, non-executive chairman, YES Bank said that, "The result of the AGM is thereby a self explanatory reflection of the shareholders' (institutional and retail) view out rightly rejecting the untenable and base issues raised by the second largest shareholder."<br /><br />Madhu 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. <br /><br />Kapur's daughter Shagun Kapur Gogia had also applied to be a member of the bank's board, in June 2013, but the board had rejected her nomination on the basis that she lacked sufficient experience.<br /><br />Rana Kapoor, MD & CEO of YES Bank, reiterated in a statement that that no member of his family will ever be part of the bank's management or board.<br /><br />Currently, Rana Kapoor has 11.87 per cent stake where as Madhu Kapur and her company owns 10.37 per cent. 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.<br /><br />In the previous court hearing on June 12, the Bombay High Court had rejected Kapur's application for grant of any ad-interim relief against passing of resolutions at AGM.<br /><br /> Now, Kapur is likely to file a revised petition against the appointments this week. The final court hearing is on July 23.<br /></p>
<p>Shareholders of private sector lender YES Bank have cleared all the 12 resolutions that were put to vote on Saturday last at the bank's tenth annual general meeting (AGM) here. <br /><br /></p>.<p>So much so, over 67 per cent of the shareholders had participated in the voting during the week-end as compared with 57 per cent in the previous year (2012-13)<br /><br />Apart from the financials, resolution on re-appointment of Rana Kappor as managing director and chief executive officer (MD & CEO) of YES Bank, along with the appointment of other directors was also put to vote. <br /><br />M R Srinivasan, non-executive chairman, YES Bank said that, "The result of the AGM is thereby a self explanatory reflection of the shareholders' (institutional and retail) view out rightly rejecting the untenable and base issues raised by the second largest shareholder."<br /><br />Madhu 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. <br /><br />Kapur's daughter Shagun Kapur Gogia had also applied to be a member of the bank's board, in June 2013, but the board had rejected her nomination on the basis that she lacked sufficient experience.<br /><br />Rana Kapoor, MD & CEO of YES Bank, reiterated in a statement that that no member of his family will ever be part of the bank's management or board.<br /><br />Currently, Rana Kapoor has 11.87 per cent stake where as Madhu Kapur and her company owns 10.37 per cent. 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.<br /><br />In the previous court hearing on June 12, the Bombay High Court had rejected Kapur's application for grant of any ad-interim relief against passing of resolutions at AGM.<br /><br /> Now, Kapur is likely to file a revised petition against the appointments this week. The final court hearing is on July 23.<br /></p>
