Yes Bank co-founder’s wife, family withdraw lawsuit

Mumbai

The suit filed in 2013 sought recognition of the plaintiffs’ rights to participate in the management of the bank, and restraining of individual directors from acting as such or holding themselves out as directors of the bank.

“The plaintiffs have now withdrawn the suit filed against the defendants, which has been allowed by the Bombay High Court vide an order dated June 9, 2020,” the bank said in a regulatory filing.

Madhu Kapur, wife of the late Yes Bank co-founder Ashok Kapur, and her family members had also asked the court to not allow the bank from making or continuing with any application to any regulator or authorities for reclassifying their shareholding into a non-promoter shareholding.

On May 30, the bank had informed the stock exchanges that Madhu Kapur and her family members, Shagun Kapur Gogia and Gaurav Ashok Kapur, along with a Madhu Kapur group entity, Mags Finvest Pvt Ltd, had consented to reclassify their shareholding in the bank as ‘non-promoter shareholders’.

The development comes around three months after the RBI superseded the bank’s board and a SBI-led equity consortium bailed out the lender with capital infusion of Rs 10,000 crore.