Yes Bank shined a bit today in the morning session, going up briefly by 3% to its intraday high at Rs.30.95; it is now trading at Rs.30.25 levels.
The market is happy that finally the saga of feud between the two – Rana Kapoor and Ashok Kapur is finally over.
Yesterday,Madhu Kapur, wife of the bank’s late co-founder Ashok Kapur, and her family have withdrawn a case filed against it in 2013. 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.
Madhu Kapur in her suit had sought various reliefs including recognition of the family’s right to participate in the management of the bank.
The Kapur family had agreed to reclassify its shareholding as “non-promoter” as per an intimation on May 30. The suit was withdrawn following reclassification of the family’s holding and the Bombay High Court allowed the withdrawal.
The Kapur family now owns about 1.50 per cent in the bank and are classified as public shareholders.