Yes Bank crisis: Shareholders misled, alleges Shagun Gogia - Indian Express

Vishwanath Nair , Ira Dugal : Mumbai, Tue Jul 09 2013, 13:26 hrs Madhu Kapur, wife of Yes Bank's late co-founder Ashok Kapur, and her daughter Shagun Gogia have widened their complaint against the bank and further alleged that it misled shareholders at various stages of the process of nominating directors to its board, say sources. The Kapur family has also challenged the nomination of three top management executives – Rajat Monga, Sanjay Palve and Pralay Mondal – as wholetime directors. The three were promoted to the board at its June 27 meet. At the same meet, the board had unanimously rejected Gogia's bid for a seat. In a revised affidavit filed before the Bombay High Court, Kapur and her daughter, Shagun Gogia, have submitted that while the stock exchange notice dated October 27 proposed to nominate three 'additional directors' -- Diwan Arun Nanda, Ravish Chopra and MR Srinivasan -- to the board, the AGM notice seeks to bring them on the board as 'nominee directors'. As per the articles of association, the Indian promoters, Rana Kapoor & Late Ashok Kapur, have joint rights to nominate three directors on the board of the bank in lieu of their shareholding. Rana Kapoor who holds 13.7% in Yes Bank and the late Ashok Kapur's family, which holds close to 12%, are classified as the 'Indian promoter entity' of Yes Bank.The articles, a copy of which has been reviewed by FE, state that the term 'Indian promoters' shall mean and include the successors and legal representatives of the two parties. The Kapur family's revised complaint has also questioned whether complete disclosures were made in the case of nominee directors Diwan Arun Nanda & MR Srinivasan. They allege that Diwan Arun Nanda was part of the audit committee of Kingfisher Airlines, which was not disclosed to shareholders. Diwan Arun Nanda resigned from the board of Kingfisher Airlines in September 20011. ... contd. ALSO READ Indian rupee rebounds as regulators move to curb speculative trades RBI sets eyes on non-bank lenders Indian rupee drops to record low of 61.21, recovers after RBI steps in Indian rupee at near session high, RBI spotted again, say traders Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGiOxIprXYGUH2GqSFSbIGtW_Mgjg&url=http://www.indianexpress.com/news/yes-bank-crisis-shareholders-misled-alleges-shagun-gogia/1139191/

Put the internet to work for you. via Personal Recipe 2910127