Home Market Diamonds are not to be sold: Rana Kapoor’s dig at co-founders family

Diamonds are not to be sold: Rana Kapoor’s dig at co-founders family

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The bitterness among the founder-promoters of YES Bank was once again on display on Friday, when YES Bank MD & CEO Rana Kapoor took a potshot at his co-founders family, which sold some of their holdings in open market last week.

“Diamonds are forever,” Kapoor said of YES Bank stake.

He said he would never sell his stake in the bank.

Kapoor, in a series of tweets, said he would “eventually bequeath” his promoter shares to his three daughters and subsequently to their children.

“I will eventually bequeath my @YESBANK Promoter shares to my 3 daughters and subsequently to their children, with a request in my Will stating not to sell a single share, as Diamonds are Forever!” he tweeted.

I will eventually bequeath my @YESBANK Promoter shares to my 3 daughters and subsequently to their children, with a… https://t.co/HNT4fMXcyf

— Rana Kapoor (@RanaKapoor_) 1538127914000

In another tweet, he said: “Even after I demit office as MD & CEO of YES BANK, I will never ever sell my @YESBANK shares.”

Even after I demit office as MD & CEO of YES BANK, I will never ever sell my @YESBANK shares

— Rana Kapoor (@RanaKapoor_) 1538127886000

Kapoors back-to-back posts came close on the heels of reports that Madhu Kapur, wife of YES Bank co-founder late Ashok Kapur, sold around 0.04 per cent of her stake in the open market on September 21.

Rana Kapoor called his stakeholding in YES Bank as invaluable. “In this leadership transition at @YESBANK, I continue to remain fully committed to the interests of the bank and all its stakeholders. I will be fully guided by the board of directors of YES BANK and the Reserve Bank of India,” the Yes Bank CEO said.

The Reserve Bank of India last week curtailed Kapoors three-year term till January 2019 and asked the bank to find a replacement.

YES Bank, once a favourite on Dalal Street, is up against several challenges amid leadership uncertainty and allegations of ever-greening loans at the bank to window-dress its corporate accounts and conceal non-performing assets (NPAs).

The National Stock Exchange (NSE) last week sent a notice to the lender, seeking its response to allegations that Kapoors family office – which is managed by his three daughters Radha Rana Kapoor, Raakhe Rana Kapoor and Roshini Rana Kapoor – was running a parallel lending or investing business by compromising the interests of YES Bank.

The bank denied all these allegations.

The YES Bank stock slipped 10 per cent on Friday to close at Rs 183. It has eroded about 40 per cent of investor wealth in last one week since the RBI order curtailing Kapoors term.

Original Article

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