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Will name new chairman, independent directors to RBI on Dec 13: Yes Bank

Yes Bank's Search & Selection Committee and the N&RC are scheduled to meet on December 12 to discuss the final shortlist for new MD&CEO appointment

Press Trust of India  |  New Delhi 

YES Bank Photo: Reuters
YES Bank Photo: Reuters


Wednesday said its board on December 13 will recommend names for new to be approved by the as well as consider appointment of independent directors.

The private sector lender, which is grappling with governance as well as NPA issues, has seen resignations of three independent directors, including

In a regulatory filing, the bank said its (N&RC) of the board and the are scheduled to meet on December 13.

During the meetings, they would consider proposals for appointment of independent directors and also recommend name(s) of the new for approval of the RBI, it added.

also reiterated that it is on track to find a successor to MD and Rana Kapoor and said the resignations of the three board members will have no impact on the succession plan.

Chairman Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar have quit the bank on various reasons including on governance issues.

In the meantime, the bank inducted Uttam Prakash Agarwal in its board taking the current strength to seven members.

Yes Bank's Search & (SSC) and the N&RC are scheduled to meet on December 12 to discuss the final shortlist for new MD&appointment.

In September, the decided against any extension for Rana Kapoor to continue as MD and beyond January 31, 2019 and asked the bank to find a replacement.

According to sources, the did not want him to continue on the position due to under-reporting of bad loans as well as laxity in

Stock of was trading at Rs 162.55, down 11.25 per cent, on BSE.

First Published: Wed, November 28 2018. 15:30 IST