Will never sell my Yes Bank shares as ‘diamonds are forever’, says CEO

MUMBAI: Desperate to save the company’s image Rana Kapoor, managing director and chief executive officer, Yes Bank Ltd, on Friday in a series of tweets used the advertising slogan of the century—diamonds are forever.

Along with this Kapoor in his tweets said, “Even after I demit office as MD & CEO of YES BANK, I will never ever sell my @YESBANK shares. 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!! Diamonds are Forever: My Promoter shares of @YESBANK are invaluable to me.”

Though Kapoor says that he in his Will request his children to not sell the shares, according to wealth managers, the daughters can still sell the shares of the company. “He can do this only through a Trust and not through a Will. If he creates a trust, the trustees will have the right to decide what to do about the shares but not the beneficiary. In this case, the daughters will be beneficiary of the income and dividends that comes from the share. Trustees will be holding the property on the behalf of the beneficiary and will be managing based on the guidance given by the original settlor—in this case Kapoor,” said a head of family office with a wealth management company, who didn’t want to be named.

Shares of Yes Bank fell close to 10% on Friday from ₹203.2 to ₹183.65. In the last five week, shares of Yes Bank fell over 50% and investors have lost ₹50,000 crore on uncertainty around the appointment of its next chief executive officer.