YES Bank's handling of matters disappointing: Rentala Chandrashekhar

Former independent director says he was dismayed by recent developments and the way they were handled

Rentala Chandrashekhar resigned as independent director of YES Bank because he was unhappy with internal developments and not — as the bank initially claimed — personal reasons, said sources aware of the matter on Tuesday.

On Monday, the bank had reported “personal reasons” as the cause of Chandrashekhar’s exit, but removed the reason on Tuesday afternoon from its fresh filings on the resignation with exchanges. However, the stocks had been hit by then: It closed at Rs 192.55 on the BSE, down 6.1 per cent over the previous close.  

Former Nasscom president and former telecom secretary, Chandrashekhar, had, in his resignation letter,