"Shareholders holding 57 per cent shares in the bank had participated in the ballot. Close to 80 per cent of them have voted in favour of the appointment," said a source, requesting anonymity. A bank spokesperson declined to comment. The outcome of the voting would be announced tomorrow.
Sources said all the institutional investors which participated in the balloting voted in favour of the appointments.
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The promoters have locked horns over board-level appointments and the dispute spilled into the private lender's annual shareholders' meet on Saturday.
Madhu Kapur, widow of YES Bank co-founder Ashok Kapur (who was killed in the November 2008 terrorist attacks in Mumbai), had petitioned the high court in Mumbai for a stay on the annual general meeting. She alleged she was not consulted, as mandated by the bank's articles of association, on the three appointments - Diwan Arun Nanda, Ravish Chopra and M R Srinivasan. The court refused to order a stay on the AGM but said the appointment would be subject to the court's final order.
In the AGM, the resolutions to appoint the three directors were opposed by a section of the shareholders and the proposals were put to vote. The process was conducted by the two appointed scrutineers; as a special case, the bank also agreed to allow Shagun Gogia (daughter of Madhu Kapur) as an observer to the process, for transparency. "Not everyone in Madhu Kapur's group voted against the resolutions," said another source.
Madhu Kapur currently has 12 per cent stake in the bank, while Rana Kapoor owns 13.72 per cent.