On Tuesday, 9th June 2020, Yes Bank in an official statement declared that Madhu Kapur, wife of bank’s late co-founder Ashok Kapur and her family had withdrawn a case filed against the bank in 2013. The said case was filed in 2013 when the family was locked up in a pitched battle against Rana Kapoor who was then dismissed by the RBI in 2018.
During the November 2008 terrorist attacks, the late founding Chairman of the bank Ashok Kapur had died, which eventually led to sour relations between his family and Rana Kapoor. In the suit filed by the Kapur’s, Madhu Kapur had brought out several reliefs including the recognition of the family’s right to participate in the management of the bank and the suit also sought to restrain individual directors from acting as such or holding themselves out as directors of the bank further restraining the bank from making or continuing with any application to any regulator/ authorities for reclassifying the Kapur Family’s shareholding into a non-promoter shareholding.
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