Yes Bank

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2018

Major changes at the top

Yes Bank revises reasons for director’s exit, sparks speculation, November 21, 2018: The Times of India

Yes Bank has said that its board will meet on December 13 to appoint a new chairman and directors. On Tuesday, the private bank’s shares crashed over 6% after the exit of nonexecutive independent director Rentala Chandrashekhar.

While Chandrashekar’s exit was announced on Monday citing personal reasons, on Tuesday the bank issued a revised statement dropping out any reference to the reason behind his leaving. This led to speculation that his exit from the board was not entirely voluntary.

Rana Kapoor, the bank’s founder and CEO, said that efforts are underway for mutual resolution with Madhu Kapur and family, the co-promoter of the bank. “This is intended to ensure better support and coordination by the two promoter groups with the board of directors of the bank,” a statement from the bank said.

On November 14, the bank’s non-executive chairman Ashok Chawla had resigned as his name figured in a CBI chargesheet filed in the Aircel-Maxis case. Another independent director Vasant Gujarathi, too, had tendered his resignation on the same day.