Mumbai: June 18, 2015
In the fresh Notice of Motion filed by Mrs. Madhu Kapur, on June 17, 2015, the ad-interim reliefs of seeking stay on Mr. Diwan Arun Nanda and Mr. M R Srinivasan assuming office as Non- executive Directors on the Board of YES BANK have been rejected by the Hon’ble Court. Thus, Mr. Diwan Arun Nanda & Mr. M R Srinivasan shall assume office with immediate effect.
The Hon’ble Court has also prima facie validated the appointment of Mr. Diwan Arun Nanda and Mr. Ajay Vohra as Independent Directors on the Board of YES BANK stating that their appointment at the 11th Annual General Meeting of YES BANK held on June 06, 2015 in terms of the Companies Act, 2013, is in compliance with the observations made by the Hon’ble Court in its judgment dated June 4, 2015.
Further, the Hon’ble Court has also observed that the permission granted by the Reserve BANK of India to Mr. Diwan Arun Nanda and Mr. M.R Srinivasan cannot be the subject of an ad-interim relief and nor is the Court inclined to look behind the said permission.
About YES BANK
YES BANK, India’s fifth largest private sector BANK with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian BANK catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ BANK of India with the long term mission of “Building the Finest Quality BANK of the World in India” by 2020.
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