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Yes Bank promoter change

Lender applies for re-classification of shareholding following reconstruction scheme in March
The need for re-classification of the promoters/promoter group of the Yes Bank arises as the former co-founder family represented by the Madhu Kapur group has given away their status of promoters after  the reconstruction scheme.

PTI   |   New Delhi   |   Published 10.06.20, 08:38 PM

Yes Bank on Wednesday said it has applied to the bourses for re-classification of promoter shareholding after the reconstruction scheme for the lender in March this year.

The need for re-classification of the promoters/promoter group of the Yes Bank arises as the former co-founder family represented by the Madhu Kapur group has given away their status of promoters after the reconstruction scheme.

In a regulatory filing, it further said: “Sebi vide its letter dated June 9, 2020... has exempted the bank from the applicability of sub-regulation... for reclassification of the promoters/promoter group since the re-classification is a procedural formality.”

Meanwhile, Madhu Kapur, wife of Yes Bank’s late co-founder Ashok Kapur, and her family have withdrawn a case filed against the bank in 2013. 

The case was filed by Kapur when the family was locked in a pitched battle with the bank, then headed by Rana Kapoor who was subsequently dismissed by the RBI in 2018.

After Ashok Kapur, the founding chairman of the bank, died in the November 2008 Mumbai terror attack, the relations between his family and Rana Kapoor, who are related, soured.

Madhu Kapur in her suit had sought various reliefs, including recognition of the family's right to participate in the management of the bank.

The suit also sought to restrain individual directors from acting as such or holding themselves out as directors of the bank. 

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