Yes Bank independent director Uttam Agarwal resigns citing "deteriorating practices"

Yes Bank's independent director Uttam Prakash Agarwal has resigned citing "serious concerns" on "deteriorating practices" and the state of affairs at the private sector lender.

"I hereby tender my resignation from the office of the Independent Director of Yes Bank as also Chairman of Audit Committee and Member of all other Committees of the Board with immediate effect," he said in his resignation letter addressed to the Non-Executive Part Time Chairman Brahm Dutt.

There are serious concerns regarding 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 CEO and MD Ravneet Gill, Rajiv Ubeoi- Senior Group President Governance & Controls, Sanjay Nambiar- Legal Head and Board of Directors, Agarwal said in the letter which was also addressed to other key officials.

Yes Bank stock was trading at Rs 44.65 on the BSE, down 5.60 per cent from the previous close.