YES Bank not professionally managed, says Madhu Kapur's counsel

Madhu Kapur is the widow of YES Bank's other co-founder Rana Kapoor

Madhu Kapur’s counsel on Tuesday alleged YES Bank's claim of being a “professionally managed bank” was  untenable. Darius Khambata, counsel of Madhu Kapur said YES Bank was behaving in a partisan matter to protect interests of its co-founder, managing director and chief executive Rana Kapoor.

Madhu Kapur is the widow of YES Bank’s other co-founder Ashok Kapur. She and Rana Kapoor’s wife Bindu are sisters.

Khambata said YES Bank did not provide the Kapur family a copy of the letter that it supposedly wrote to the Reserve Bank of India seeking de-classification Madhu Kapur as co-promoter of the bank. The Kapur family had asked the bank for a copy of the said letter.

He also questioned appointment of Rakhee Kapoor, daughter of Rana Kapoor, as business manager for new initiatives in the bank.

Khambata alleged that Rakhee Kapoor's name was mentioned in the bank's website and it was removed only after the Kapur family raised questions over her appointment.

YES Bank had said that Rakhee Kapoor had interned with the bank for a short period. But Khambata said interns are hardly given a designation and responsibility that Rakhee Kapoor was given at the bank. Justice Kathawala after hearing the matter on Tuesday adjourned it for further hearing on Wednesday.

"YES Bank will argue on the maintability of the suit tomorrow" said Soli Cooper, advocate for YES Bank.