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Yes Bank to take a call on Gogia’s entry today

The board of Yes Bank will meet on Thursday to finally consider the application

Written by ENS Economic Bureau | Mumbai | Published: June 27, 2013 3:28:47 am

The board of Yes Bank will meet on Thursday to finally consider the applicationmeet.

Gogia’s family led by her mother Madhu Kapur own 12 per cent stake in the bank and have been seeking the right to nominate a board director to represent their shareholding. Rana Kapoor,the bank’s managing director and CEO owns 13 per cent stake in YES Bank.

Sources close to the Kapur family say that they hopeful the board will consider the merits of the application and feel that the RBI’s “fit & proper” criteria should not be a deterrent in accepting Gogia’s nomination to the board. The Yes Bank management has insisted that Gogia’s previous application for a board seat in 2009 was rejected because it did not meet the “fit & proper” norms.

If Gogia is rejected for a board seat,the family may consider another nomination. Earlier this month,Gogia and her mother Madhu Kapur had approached the Bombay High Court,as three directors were appointed to the bank’s board without any consultation with the Kapur family,which is part of the promoter group of the bank.

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