Shagun Kapur Gogia might not have convinced her uncle Rana Kapoor, managing director and chief executive of YES Bank, to appoint her as a board member of the bank, but it appears she has successfully carved out her own space in the financial world.
In a letter addressed to Gogia's mother, Madhu Kapur, who holds a 12 per cent stake in YES Bank, the private lender said its board of directors, after extensive deliberations, had unanimously agreed not to accept her recommendation to appoint her daughter on the board.
The YES Bank family tussle puts focus on RBI guidelines on appointment of directors.
Bombay High Court upholds rejection of Shagun Gogia as board member, terms two director appointments invalid.
No word on appointment of Shagun Kapur Gogia
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According to people familiar with the development, a meeting between the families was held on Saturday to discuss whether the case could be settled outside court.
Madhu Kapur is fighting the case against the bank as it refused to accept her daughter as a nominee director.
While the court refused to order a stay on the AGM, it directed YES Bank to advance its board meeting by a month to June 27 and consider Gogia's appointment as a director on the bank's board.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
Writes to shareholders highlighting its performance, governance practices.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
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