"She was not just her father's daughter but was duly qualified," said Madhu's counsel Darius Khambata, arguing before Justice S J Kathawala who was hearing a suit filed by Madhu and Shagun, challenging the rejection of Shagun's nomination by the bank's board of directors.
The counsel said that non-executive chairman M R Srinivasan had even asked Shagun to send her biodata, and after going through it, Srinivasan had said "it is impressive" and forwarded it to Rana Kapoor, the current MD and CEO.
He further said that seven years ago, Ashok Kapur and his brother-in-law Rana Kapoor signed an agreement with Rabobank to promote Yes Bank, in which the two held 51 per cent stake and Rabobank held 49 per cent stake. It was also agreed that the Indian partners (Ashok and Rana) were entitled to nominate or recommend directors. "Today, Rana Kapoor says in the court that we have no right," Khambata said.
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Ashok Kapur died in 26/11 Mumbai terror attacks. While his wife Madhu and two children (Shagun and son Gaurav Kapur) together hold 12 per cent interest in the bank, Rana Kapoor, who founded the bank with Ashok in 2003, holds 13.7 per cent.
Madhu's sister Bina is married to Rana Kapoor.
Arguments would continue tomorrow.