Financial year 2018-19 marked a rather unsettling year for Yes Bank even more so for its board of directors.
Ever since Rana Kapoor was not permitted by the RBI to continue to be on the Board of Directors of Yes Bank, the bank has suffered an exodus of directors. Only two members of board from April 3rd 2018 remain.
Ashok Chawla tendered his resignation without giving any reasons. Mr Chawla was named in a corruption case filed the Central Bureau of Investigation (CBI) in the Aircel-Maxis case. Vasant Gujarathi the head of the Audit Committee also tendered his resignation on the same day as Ashok Chawla. The Audit committee performance issues have also been cited as a reason for Gujarathi resigning.
Lt General (Dr.) Mukesh Sabharwal resigned in order to pursue academics whereas Mr. Saurabh Srivastav did the same after completion of his term on 22nd April 2018.
Brahm Dutt has been appointed as part time chairman of the Bank till 10th January 2022, which has been approved by the RBI.
Debjani Ghosh tendered her resignation from the board of Yes Bank on account on her joining NASSCOM as Executive President.
The Current Board of Yes Bank as of 12th June 2019 is as follows.
Here are some details regarding the recently appointed members:
1. Shri R Gandhi, ex deputy governor of RBI has been appointed as an additional director on the board of the bank for 2 years.
2. Mr. T.S. Vijayan is appointed as an additional Director (Independent) of the Bank with Immediate effect and his appointment is for a period of 5 years.
3. Mr. Uttam Prakash Agarwal has been appointed as an additional Director (Independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years subject to the approval of shareholders in the next General Meeting of the Bank.
4. The Board of Directors of the Bank on April 26th, 2018 have approved the appointment of Dr. Pratima Sheorey as an additional (Non executive and Non independent) director of the bank.
No sooner was Mr. Chandrashekhar appointed to the Board of Directors of Yes Bank than he chose to resign as he was “unhappy with developments taking place in the recent past and how it was handled”. All of this hints at grave mismanagement in Yes Bank.