Yes Bank's director resigns citing deteriorating standards of corporate governance

Yes Bank announced the resignation of Uttam Prakash Agarwal, an Independent Director with immediate effect. In his resignation letter, Agarwal has made certain observations on the Bank's governance and the same shall be duly examined by the Board.

In the letter he said, 'Reason for my resignation - There are serious concerns as regards deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the Company are being conducted by Mr. Ravneet Gill- MD/ CEO, Dr. Rajiv Ubeoi- Senior Group President Governance & Controls, Mr. Sanjay Nambiar- Legal Head and Board of Directors. I have raised my concerns on these very critical matters from time to time in the overall interest of Yes Bank Ltd., and millions of its small and large depositors, investors, shareholders and all other stakeholders. I have left no stone unturned to discharge my duties and thus wrote a letter detailing all these matters in the attached letter dated 9th January, 2020 (which is submitted to all the regulatory authorities).'

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