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1-min read

Founder Rana Kapoor Takes to Twitter to Clarify 'Not Seeking Comeback at Yes Bank'

The announcement comes after an 'Economic Times' report on Wednesday said Kapoor had demanded a seat on the board as well as crores of rupees in compensation for lost remuneration.

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Updated:June 13, 2019, 4:35 PM IST
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Founder Rana Kapoor Takes to Twitter to Clarify 'Not Seeking Comeback at Yes Bank'
File photo of Yes Bank Founder Rana Kapoor
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In a series of tweets, Yes Bank’s founder and former chairman Rana Kapoor announced on Thursday that he is not seeking a comeback at the bank.

Kapoor also showed full confidence in Yes Bank’s management and board of directors. “The Yes Bank leadership team, MD and CEO Shri Ravneet Gill and Board of Directors have my fullest support,” Kapoor said on his Twitter handle.

Rana Kapoor added that his promoter group fully supported and voted in favour of all 19 resolutions at the 15th annual general meeting (AGM) of Yes Bank on 12 June. The announcement comes after an Economic Times report on Wednesday which said that Kapoor had demanded a seat on the board as well as crores of rupees in compensation for lost remuneration.

The demand was found to be unreasonable and had caused a ‘bitter battle in the boardroom’, the report added. However, Rana Kapoor denied the news completely in his tweets. “Some media reports have suggested that I am attempting a comeback to the Board, inspite of my unequivocal denial to them,” he said, adding, “Yes Bank is an embodiment of Indian professional entrepreneurship and ongoing ‘Hanumanian’ efforts will overcome this transitional phase.”

Kapoor’s response comes after Yes Bank saw exit of two senior-level board members this week. Mukesh Sabharwal, chairman of the nomination and remuneration committee, resigned on Tuesday, a day after former interim CEO Ajai Kumar had put in his papers.

Sabharwal was appointed as the board member of the bank on 25 April 2012 and has spent over seven years with the Yes Bank. The bank said that Sabharwal has mentioned that he wanted to devote quality time on his academic pursuits and confirmed that there was no other material reason other than those provided.

Meanwhile, Ajai Kumar served as the bank’s interim Managing Director (MD) and CEO for one month after Rana Kapoor’s exit. He also cited personal grounds for his reason to step down.

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