Yes Bank chairman Ashok Chawla resigns with immediate effect

Yes Bank on Wednesday said its non-executive (Independent) Chairman Ashok Chawla has resigned with immediate effect.

The private lender bank said that Chawla’s resignation is effective from November 14, 2018, however the company did not give the reason for his exit.

According to sources, Chawla’s decision to step-down as chairman of the board was a fallout of the Aircel Maxis case.

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“Yes Bank announces that Shri Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention,” the bank said in a regulatory filing.

The appointment of a new chairman would be announced in ‘due course’ after the Reserve Bank of India’s (RBI) approval, said the official.

Along with Chawla, the Independent Director Vasant Gujarathi too has tendered his resignation with immediate effect due to personal commitments, the official said.

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The bank’s board has also approved appointment of Uttam Prakash Agarwal as an additional director (Independent) and chairman audit committee, with immediate effect from November 14, 2018 for a period of five years, sources said.

Agarwal would be subject to approval of shareholders at the next meeting of the bank, it said.

Meanwhile, country’s central banking institution RBI has instructed the private sector bank to find replacement of founder MD and CEO by January 31.

Last month, Yes Bank had said the panel looking for a successor to MD and CEO Rana Kapoor has the finalised potential candidate profile.

(With inputs from agencies)