YES Bank shareholders pass all resolutions

Rana Kapoor says that none of his family members will ever be on the bank's board

YES Bank’s shareholders have approved all the 12 resolutions that were put to vote on Saturday at the bank’s 10th annual general meeting (AGM). Apart from the financials, the resolution on re-appointment of Rana Kapoor as managing director and chief executive officer (MD & CEO) of YES Bank, along with the appointment of other directors was also put to vote.

This year, 67 per cent of the shareholders had participated in the voting, compared to 57 per cent in 2013.

M R Srinivasan, non-executive chairman, YES Bank, said, “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.”

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. 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.

Rana Kapoor, MD & CEO of YES Bank, reiterated in a statement that that no member of his family would ever be part of the bank’s management or board.

Currently, Rana Kapoor has 11.87 per cent stake whereas Madhu Kapur and her company owns 10.37 per cent.