YES Bank to hand over AGM recording to HC

The high court on Tuesday directed YES Bank to give it a video recording of the bank's AGM held on June 14 by Wednesday morning. The order pertains to a plea filed by Madhu Kapur, wife of the bank's late co-promoter, Ashok Kapur. In the plea, Madhu Kapur claimed her right as co-promoter was violated, adding she wasn't consulted before the lender had appointed directors on its board.

The court also asked Madhu Kapur to furnish documents pertaining to her correspondence with the Reserve Bank of India and the Securities and Exchange Board of India regarding the status of the promoters.

The high court also said from now, any correspondence between the regulators and either of the parties regarding Kapur's change in classification status had to be exchanged by both sides. Earlier, YES Bank had written to RBI and Sebi, urging Kapur be declassified as a promoter.

Kapur will be filing an amended suit in court by Wednesday. In the suit, she will challenge the resolutions passed at the bank's AGM. Apart from the resolution on financials, one on the re-appointment of Rana Kapoor as the bank's managing director and chief executive, along with the appointment of other directors, was also passed.

The next hearing in the case is scheduled for Friday.

With 11.87 per cent stake, Rana Kapoor is the bank's largest shareholder, while Madhu Kapur and her company own 10.37 per cent.

Rana Kapoor had co-founded YES Bank with his brother-in-law Ashok Kapur. Madhu Kapur and Bindu, Rana Kapoor's wife, are sisters.