Madhu Kapur, the second biggest stakeholder in Yes Bank has written against the move seeking extension of managing director Rana Kapoor’s tenure, reported LiveMint.

According to the report, Madhu Kapur, the widow of co-founder Ashok Kapur, asked in the letter that the board should hasten the process of finding the successor for Rana Kapoor in order to prevent the lender from suffering any damage in the long run.

“The decisions that the board appears to have taken are not, in my view, in the best interests of the bank as a public trust financial institution,” Kapur’s letter stated, according to the report. However, no response was available from the bank officials.

The development comes after the board decided last week to approach the RBI and seek an eight month extension in the tenure of managing director and chief executive Rana Kapoor.

Earlier, RBI had extended Kapoor’s tenure with the bank till January 2019 after the bank requested that the tenure be extended till August 2021, the report said.

Also Read: The Yes Bank firestorm: A summary of how things went bad for the lender