“The Bank would take further necessary action to give effect to this,” it added.Yes Bank on Saturday said there will be reclassification of shareholding as the Madhu Kapur group has consented to be categorised as public stake holders. This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur; Shagun Kapur Gogia; Gaurav Ashok Kapur; and Mags Finvest Private Limited (collectively referred to as Madhu Kapur Group) consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (i.e. public shareholders), YES Bank said in a regulatory filing.
“The Bank would take further necessary action to give effect to this,” it added. YES Bank was co-founded by Rana Kapoor along with Madhu Kapur’s late husband Ashok Kapur as a new age private sector bank in 2004.
The Kapoor’s and Kapur’s are related family wise as Rana and Ashok’s wives are sisters. Following ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, YES Bank is now led by State Bank of India alongside several private sector lenders.
As on March 31, 2020, Madhu Kapur held 1.12 per cent in YES Bank, while Mags Finvest had 0.30 per cent, according to data on the BSE.
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