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Yes Bank Sees Two Resignations Amid Reports of Rana Kapoor Seeking a Return

Mukesh Sabharwal, the chairman of the nomination and remuneration committee and former interim CEO, Ajai Kumar, both quit on Tuesday citing personal reasons.

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Updated:June 12, 2019, 12:51 PM IST
Yes Bank Sees Two Resignations Amid Reports of Rana Kapoor Seeking a Return
Image for representation. (Photo Reuters)

Yes Bank has seen exit of two senior-level board members on two consecutive days of this week amid reports that the bank’s founder Rana Kapoor is demanding a seat on the board.

Mukesh Sabharwal, the chairman of the nomination and remuneration committee, quit on Tuesday citing personal reasons. Former interim CEO Ajai Kumar had also quit on Monday on personal grounds.

According to a report in Economic Times, Rana Kapoor had sent two letters in early May seeking re-induction on the Yes Bank board as well as crores of rupees in compensation for lost remuneration. “The two letters from Kapoor set off the bitter battle in the boardroom,” the report quoted one person familiar with the matter as saying.

“There were some sympathetic to his demands. Others believed that it could go against the spirit of the RBI (Reserve Bank of India) decision not to give him another term as CEO. If someone is unfit to be a CEO, how is he good to be on the board of the same bank,” the person added.

Sabharwal, who resigned on Tuesday, was appointed as the board member of the bank on 25 April 2012 and has spent over seven years with the Yes Bank. Yes Bank said Sabharwal has mentioned that he wanted to devote quality time on his academic pursuits and confirmed that there is 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.

Yes Bank had appointed Kumar, who had led state-run Syndicate Bank in the past, as its interim successor for a month till Ravneet Singh Gill (who was working at Deutsche Bank India) took over from 1 March.

After Gill joined, Kumar ceased to be an interim MD and CEO of the bank and continued as a non-executive non-independent director on the board.

Yes Bank has seen several exits in the recent past, including that of former bureaucrat Ashok Chawla as non-executive chairman of Yes Bank. Earlier in January, Yes Bank senior group president and head - retail and business banking, Pralay Mondal, had tendered his resignation.

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