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Yes Bank into damage control mode; calls crucial meet on December 13

Rattled by the resignation of three Board members, Yes Bank, India’s fourth largest private sector lender has got into the damage control exercise. The Board meeting will now take place on December 13 to discuss among other things the appointment of chairman, chief executive, and independent director.

After the resignation of three Board members-Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar-Yes Bank on Tuesday said the Board would now “consist of 7 members with the addition of one Board member Uttam Prakash Agarwal concurrently.”

In the statement issued by Brahm Dutt, chairman, Nomination and Remuneration Committee (N&RC) and Rana Kapoor, MD and CEO, the duo said, “All the 7 Board members are fully committed to discharging their duties on the Board, as also enabling Yes Bank to manage and emerge from the current transition period.”

The duo has reiterated in the letter that the latest resignations “bear no impact on the new MD and CEO selection process. Therefore, the new MD and CEO selection process is on track, as per committed timelines.”

“The Search and Selection Committee (SSC) and the N&RC are scheduled to convene on December 12, 2018, to discuss the final shortlist for new MD and CEO appointment. Pursuant to this meeting, the Board of Directors is scheduled to convene on December 13, 2018,”read the letter.

The letter further adds, “The Board will discuss, inter-alia, and take suitable actions on replacement of two independent directors as per the provisions of the Companies Act, 2013 and Banking Regulation Act, 1949, short-listing of director with the Information Technology and Cyber Security Expertise (as a replacement of Rentala Chandrashekhar).” The meeting will also “evaluate new chairman for approval by the RBI, and to seek review from the SSC on the progress of a selection of candidates for the post of MD and CEO.”

In addition to MD and CEO Rana Kapoor, Yes Bank’s Board members currently are Brahm Dutt, former Secretary, Government of India, who is also the chairman of Nomination and Remuneration Committee; Lt Gen (Dr) Mukesh Sabharwal (Retd) is the chairman of the Corporate Social Responsibility Committee; Ajai Kumar is the chairman of Board Credit Committee; Subhash Kalia is the Chairman of the Risk Monitoring Committee.

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