Mutual Fund

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. 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 have 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.

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