Yes Bank Receives Shareholders' Nod for Rana's Reappointment

Private-sector lender Yes Bank today said it has received shareholders' nod for reappointment of Rana Kapoor as managing director and CEO of the bank.

"The shareholders approved the reappointment of Rana Kapoor as managing director and CEO," the bank said in a statement here today.

The approval were given at the 10th annual general meeting held last week here.

The appointments of Lt Gen (Retd) Mukesh Sabharwal, Brahm Dutt, Radha Singh, Saurabh Srivastava and Vasant V Gujarathi as independent directors were also approved during the meeting.

"We are extremely satisfied with the trust and faith shown by the institutional and retail shareholders on the board of directors, bank's performance, growth plans and decisions to maintain the highest professional standards of the bank's management team," bank's non-executive chairman, M R Srinivasan, said.

"I am satisfied that the board of the bank has always acted in a manner, which is in accordance with law, and has upheld the principles of corporate and management governance," he added.

It could be noted that Madhu Kapur, the second largest shareholder of the bank and widow of bank's co-founder Ashok Kapur, has been fighting a pitched battle with the bank and its managing director and CEO Rana Kapoor over the right to nominate a director.

Last week, the Bombay High Court had allowed Kapur to challenge all the resolutions that might be approved at the AGM.