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Yes Bank promoter families look to settle differences: Sources

Press Trust of India  |  New Delhi 

Two warring families of are believed to be in talks to settle their differences and a meeting of representatives from both sides is likely on Wednesday, sources said.

The tussle is between the families of founders -- and After the death of Kapur, his wife wanted her daughter to be nominated on the bank's board but the proposal was rejected, following which the matter reached the

and Senior Group -- on behalf of -- may have a meeting Wednesday, sources told on Tuesday.

The meeting was to happen last Friday, they added.

"The and founding member families are believed to be in talks to resolve the matter at the earliest, keeping behind the past, as it would be in interest of all the stakeholders as well as the 20,000 plus employees of Yes Bank," sources said.

The meeting may take place this week, possibly Wednesday, said sources.

had moved the in June 2013, seeking to quash the appointment of three directors on its board and also alleged that was attempting to deprive her and her children a place in the board as the legal heir of late

As on June 30, 2018, the and promoter group had a total 19.98 shareholding in Yes Bank. Of this, Rana Kapoor owns 4.34 per cent and 7.62 per cent, respectively in their individual capacities.

"The single bench of the has settled most of the points, so the court order (whenever it comes) could serve as the common ground for the truce," according to sources.

"Rana Kapoor is keen on resolving the issue as soon as possible as the long-pending legal battle between the two promoter group families is not doing any good to anybody," they said.

Following RBI directive on non-continuance of Kapoor beyond January 2019, Yes Bank board has sought more time from the regulator till September for a suitable successor.

The board of the bank has formed a five-member panel including two members from outside the bank to find a successor to Rana Kapoor.

Former IRDA chief TS Vijayan and former SBI chief OP Bhatt have been appointed as external members in the

The panel will also consist of board members Brahm Dutt, and SC Kalia.

The MD selection panel will hold its first meeting on October 11.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 23:10 IST
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