YES Bank calls AGM on July 15 to seek approval for new board formation, Prashant Kumar’s re-appointment as MD for 3 years

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26 Aug, 2025 12:21

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Private sector lender YES Bank on June 8 said its Board of Directors, appointed under the YES Bank Reconstruction Scheme of March 2020, has recommended the formation of a new board, in line with the directions of the Scheme, to shareholders.

The Board has also recommended that Prashant Kumar  continue as the bank’s chief for another three years and will seek investors’ nod for the same, the lender said in an exchange filing today.

The existing Board of the Bank consists of four Directors: Managing Director and Chief Executive Officer Prashant Kumar, Board Chairman Sunil Mehta and Board Members Mahesh Krishnamurti and Atul Bheda. Two SBI nominee directors and two RBI appointed Additional Directors also sit on the YES Bank Board.

As per the Reconstruction Scheme, members of the Board, other than the Additional Directors appointed by the RBI, shall continue in office for one year, or until an alternative Board is constituted.

YES Bank reported its first full year profit in FY22 at Rs 1,066 crore after two successive years of heavy losses in FY20 and FY21.

Accordingly, basis the recommendation of State Bank of India (SBI), the largest shareholder, the YES Bank Board said it has initiated the process of appointing a new Board. SBI is in favour of Kumar continuing as MD and CEO for three years, subject to regulatory and shareholder approval, the lender added.

In an interview with Moneycontrol on May 3, Kumar said the bank will be able to show not only good growth on the business side, but also continued, sustained profitability.

Further, SBI has also recommended the names of nine bank officials for YES Bank’s new board. They are: Arul Malik, Rekha Murthy, Sharad Sharma, Nandita Gurjar, Sanjay Kumar Khemani, Sadashiv Rao, T. Keshav Kumar, Sandeep Tewari and Prashant Kumar.

Upon shareholder approval, all three existing board members — Mehta, Krishnamurti and Bheda — will hand over charge to the new board, YES Bank said.

The bank has called for an annual shareholders’ meeting on July 15 to approve the formation of the new board.