Shagun Gogia files nomination to get appointed as director on Yes Bank's board

Shagun Kapur Gogia, the daughter of late Ashok Kapur who was a co-founder of the Yes Bank, on Tuesday filed her nomination to get appointed as director on board of the bank. However, media reports said that Yes Bank board, which will meet on June 27 to consider her appointment following Bombay HC's orders, may not give go-ahead to Shagun and reject her nomination citing RBI's fit and proper criterion.

Experts say that if bank rejects her nomination, which is very likely given the fact that Kapurs have chosen the legal route to solve the matter and hurting goodwill of the bank, it could lead to prolonged legal battle between Gogia and the bank MD & CEO Rana Kapoor.

Rana Kapoor told media agency that Kapurs should judge themselves whether such action was needed. He also said that they have taken a legal action against a public trust institution which has been a holy cow, built from the scratch for last 10-and-ahalf years.

Yes Bank stock has risen over 500 per cent since Nov 2012 while it fell over 5 per cent since June 7 this month following the tussle between Kapoor and Kapurs.

Read more about: yes bank
Story first published: Wednesday, June 19, 2013, 9:20 [IST]
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