Shagun Gogia may face technical hurdles on way to Yes Bank's board: Report

Posted By: Religare
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Shagun Gogia, the daughter of Yes Bank's deceased co-founder Kapur, may face a technical hurdle on her way to become a director on the board of the private sector lender, said a media report.

According to the media reports, a letter dated June 26 jointly signed by the bank's company secretary and group president said "This should not be assumed or construed or deemed as joint nomination by the Indian partners. As the matter is sub-judice, the final decision of the board of directors of Yes Bank on the subject will be submitted in the honourable Bombay High Court at its scheduled hearing on July 1, 2013, as per the court order."

But, as per some sources which are close to the development, the June 26 letter gives Rana Kapoor the right to vote in the board meeting. Rana Kapoor, who is also the co-founder of Yes Bank, seems to have issues with Gogia's appointment on the board and reports said that he doesn't proposes her name at all.

While Gogia argues that she has the right due to her status as legal heir, Kapoor argues that she may not pass RBI's fit and proper criterion for bank directorship.

The Kapur family — Shagun and her mother Madhu — has moved the court on June 6 against the appointment of Diwan Arun Nanda, Ravish Chopra and MR Srinivasan on the board of the private lender.

Read more about: yes bank
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