Yes Bank Ltd has announced its board meeting will take place on 13 December in order to consider the appointment of a new chairman, two independent directors as the bank has suffered from back to back resignation of their top officials within 2 weeks. The board will also discuss on the CEO search panel’s recommendation to appoint a successor to the current MD and CEO Rana Kapoor.
The bank also declared that a mutual resolution is being sought after, from the bank’s promoters, in order to ensure better support and coordination for outstanding issues.
The board meeting which was supposed to take place on 16 January 2019 in order to consider financial results and make the above-cited changes, has been rescheduled due to the sudden resignation of its independent director Rentala Chandrashekhar, which came yesterday.
Within a span of 2 weeks, Yes Bank’s board has witnessed a series of resignations from, namely; Ashok Chawla, Yes Bank Chairman and Vasant Gujarathi, chairman of Yes Bank’s audit committee and an independent director on the board.
Adding to that, O P Bhatt, an external expert on the CEO search panel of Yes Bank had also resigned last week. The Reserve Bank of India’s (RBI) has also directed the bank on 17 September to restrict the term of Yes Bank’s MD & CEO Rana Kapoor to 31 January 2019 which is the reason for the formation of CEO search panel.