Kapur, in a communication to Wouter Kolff, former YES Bank director and an ex-Rabobank executive, has alleged that the foreign lender had waived off the loan given to Rana Kapoor - another founder of YES Bank - … Madhu Kapur and family held a 1.12 percent stake in Yes Bank, and their family-controlled entity Mags Finvest Private Limited held another 0.30 percent stake as of March 31, 2020.

There’s nothing else to read into this.”CNBC-TV18 also contacted Shagun Gogia, former board member of Yes Bank, and co-promoter Madhu Kapur’s daughter about this move.Gogia told CNBC-TV18, “The bank approached us to ask if we would consider giving our consent for being de-classified as promoter…The bank is looking to raise capital, and the new investors have to be given full disclosure on promoters. Newcomer Madhu Kapur gets her fortune from a 9.3% stake in Bombay Stock Exchange-listed Yes Bank. Choose your reason below and click on the Report button. Her sister Bindu is married to Yes Bank cofounder Rana Kapoor.Her daughter Shagun founded and runs investment firm Tuscan Ventures in Mumbai.They’re worth a combined $152 billion, $27 billion less than a year ago.Chinese billionaire Zhong Huijuan and her husband Sun Piayoang leading the list run two of the biggest pharmaceutical companies in China.Though California may boast more billionaires than any other U.S. state, Wyoming has the highest billionaires per capita. Insiders say Rana Kapoor had slowly but surely side-lined Ashok Kapur’s role at the bank over the years and taken up the key responsibilities himself. A truly rotten system. Why follow tips?

The case was filed by Kapur when the family was locked in a pitched battle with the bank, then headed by Rana Kapoor who was subsequently dismissed by RBI in 2018. Meanwhile, Yes Bank … Even if they are, it may not be completely wrong. In just over 17 years, But then they have a responsibility to rectify things too.How relevant is this Case now that ALL these "Promoters "have done More HARM to the YES Bank and made into NO NO Bank for all other Investors who saw Prospects rising in this Yes Bank till recent and hence Minority Shareholders LOST and these "Promoters "GAINED at the Cost of these Minority who Invested during the IPO making it a SUCCESS then and yet these "PROMOTERS never respected these initial IPO Investors "and hope these would note the contribution for their SUCCESS and the present Life style these enjoy at the Cost of Investors each day ahead and remember them always Since Madhu Kapur family sent the bank this letter, we disclosed it on exchanges as part of SEBI’s LODR (Listing Obligations and Disclosure Requirements).” This person added, “It could be their (Madhu Kapur family) interpretation of the law, maybe that’s why this consent letter was sent. Madhu Kapur and family have now relinquished their status as promoters of the bank, less than three months into the bank’s bailout.Yes Bank on Saturday informed exchanges that it “received a letter dated May 28, 2020 (Received on May 29, 2020) from (i) Mrs. Madhu Ashok Kapur; (ii) Mrs. Shagun Kapur Gogia; (iii) Mr. Gaurav Ashok Kapur; and (iv) 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. Neither by himself nor through proxy firms like Yes Capital (India) Pvt Ltd and Morgan Credits Pvt Ltd. Kapoor, however, is yet to be declassified as a promoter. Rana Kapoor, on the other hand, sold most of his stake in the bank to repay debts, and now holds only 900 shares. De-classification in a sense has been done by the government through their reconstruction scheme. Yes Bank was co-founded by Rana Kapoor and Madhu Kapur's late husband Ashok Kapoor in 2004. So therefore the bank requested us to help to make the capital raising process simpler, and we said sure whatever is in the interest of the bank.” She also clarified that she no longer holds a board position at Yes Bank since the board was reconstituted and remains a non-promoter public shareholder.After Madhu Kapur, Rana Kapoor is also expected to be de-classified as a promoter of the bank. As per the latest data, Madhu Kapur’s total stake in Yes Bank stood at 1.12% as of March 31.

Photo: Abhijit Bhatlekar/Mint Yes Bank’s Rana Kapoor, Madhu Kapur seek out-of-court settlement