MUMBAI: Families of Yes Bank promoters Rana Kapoor and Madhu Kapur are close to reaching a settlement and talks are at an advanced stage, sources said on Tuesday. “Draft consent terms under active discussion,” they said.
As per the settlement proposed, Madhu Kapur and Rana Kapoor groups are to have equal rights, and each group is to recommend one non-executive director to the Board. The third non-executive director is to be jointly recommended by both the groups. The post of MD & CEO and non-executive chairman would also be jointly recommended.
According to PTI, while the Rana Kapoor family claimed the settlement talks are at an advanced stage, Madhu Kapur family said the discussions are still on. “It is an over five-year-old battle and it will take time for a consensus to emerge. We are not anywhere near a consensus now,” PTI quoted a source close to Madhu Kapur family.
Rana Kapoor, MD & CEO is scheduled to demit office on January 31, 2019. He and family own 10-7 per cent stake in the bank, while Madhu Kapur, widow of co-founder Ashok Kapur, owns 9.8 per cent. The two groups locked horns after the Board stalled Ashok Kapur’s daughter Gogia’s appointment to it post her father’s death in 2008.