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Yes Bank to appoint 2 independent directors, propose chairman’s name in December 13 board meet

The lender also said it will also "evaluate new Chairman for approval by Reserve Bank of India".

November 28, 2018 / 01:54 PM IST
File Photo: A security guard stands outside a closed Yes Bank branch in New Delhi

File Photo: A security guard stands outside a closed Yes Bank branch in New Delhi

Trying to put an end to its boardroom crisis, Yes Bank said it will consider appointment of a new chairman and fill two Independent Director positions in the upcoming board meeting on December 13.

"The Bank would like to reiterate that Nomination & Remuneration Committee ('N&RC') of the Board and the Board of the Directors of the Bank at their meetings, scheduled on December 13, 2018, would consider the proposals for appointment of Independent Directors and also recommend the name(s) of the new Chairman for the approval of RBI," Yes Bank said in a filing on the stock exchange.

On November 27, Rana Kapoor, the bank's outgoing CEO and managing director and also the largest shareholder, initiated a settlement process with the second largest shareholder, Madhu Kapur, to arrive at a mutual agreement on the appointments of the board members.

Appointment of two Independent Directors (replacement), as per the provisions of the Companies Act, 2013 and Banking Regulation Act, 1949, come after the resignation of three board members.

In a spate of resignations this month, Ashok Chawla stepped down as the Board Chairman, and independent directors Vasant Gujarathi and R. Chandrashekhar also resigned from the board.

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The mid-sized private lender said it will also "evaluate new Chairman for approval by Reserve Bank of India".
Moneycontrol News
first published: Nov 28, 2018 01:54 pm

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