No word on appointment of Shagun Kapur Gogia
A day after the YES Bank board met to decide on the appointment of Shagun Kapur Gogia, daughter of deceased co-founder Ashok Kapur, the lender on Friday sought to reinforce its positioning as the “Professionals Bank of India”.While the bank maintained silence on Gogia’s appointment, it announced induction of three of its top management executives on the board. They are: Rajat Monga (senior group president for financial markets and chief financial officer), Sanjay Palve (senior group president and senior managing director for corporate finance) and Pralay Mondal (senior group president for branch, retail and business banking).
In a short statement, the bank said this development was in line with the bank’s objective to further build and strengthen the “institutional and professional character of YES Bank as the Professionals Bank of India.”
The appointments are subject to approvals from the Reserve Bank of India (RBI) and shareholders of the bank.
At the height of its dispute with the Kapur family, YES Bank has been stressing the point about the bank favouring professionals over family members of promoters.
On Gogia, the bank said yesterday the board decision will be directly submitted to the Bombay High Court on July 1. People close to Gogia said they have heard that YES Bank might propose to appoint her as an “independent director”.
But legal experts claimed such a move was not possible as Gogia’s mother, Madhu Kapur, holds 12 per cent stake in YES Bank. “To be considered as an independent director, the person along with his or her close relatives should not own more than two per cent in the company,”