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Hon’ble Supreme Court Accepts YES BANK’s Appeal

Delhi, July 15, 2014 : YES BANK Ltd. had filed a Petition before the Hon’ble Supreme Court of India challenging the order of the Hon’ble Bombay High Court wherein the plea of jurisdiction raised by YES BANK Ltd. in a suit filed by Mrs. Madhu Ashok Kapur was dismissed. Mrs. Madhu Ashok Kapur and her family had filed a suit challenging the appointment of certain directors to the Board of YES BANK. YES BANK had contented before the Supreme Court that under Section 10A of the Banking Regulation Act, 1949, Civil Court cannot entertain a suit challenging the appointment of directors of a banking company. YES BANK has pleaded before the Hon’ble Court that all the appointments of the Directors are in compliance of Section 10A and 10A (2) of the Banking Regulation Act and the appointments of the directors was covered by the bar of jurisdiction of Section 10A (6) of the Act. YES BANK had also pleaded in its Petition before the Court that it is the fourth largest bank in the country and has shown better performance compared to many other banks. YES BANK had filed a statement before the Court to demonstrate that the valuation of the shares held by Late Mr. Ashok Kapur’s family has increased manifolds and the original investment of Rs. 52 Crores today has increased to Rs.2450 Crores. The Hon’ble Supreme Court has found merit in the contention of YES BANK and has listed the matter in January, 2015 to examine it in further detail. Mr. Kapil Sibal, Senior Advocate and Mr. Soli Cooper, Senior Advocate instructed by Karanjawala & Co. appeared before the Hon’ble Supreme Court.

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