Ashok Chawla steps down as Yes Bank Chairman with immediate effect

Moneycontrol News
Ashok Chawla has resigned as the Non-Executive (Independent) Chairman of Yes Bank on November 14 with immediate effect, the bank said in a filing with the exchanges.

His exit could be the outcome of the likely conflict of interest over his multiple roles as the National Stock Exchange (NSE) Chairman as well as a board member of various other companies such as Yes Bank and Jet Airways.

Moneycontrol had earlier reported that the government received representations from shareholders of companies as well as independent individuals raising questions on Chawla’s multiple roles and leading to situations of conflict of interest.

Sources, however, also told Moneycontrol the existing rules allow stock exchange board members to represent boards of other companies if relevant disclosures are made.

Yes Bank audit committee Chairman, Vasant Gujarati, also resigned with immediate effect due to personal commitments, according to a notification to the stock exchanges. Uttam Prakash Agarwal has been appointed in his place as the Additional Director (Independent). Agarwal has served as an independent director on the boards of various companies including IRDAI, NSEL and ICAI Research Foundation amongst others.