Yes Bank Begins Process To Exit Rescue Plan; To Set Up New Board

The proposed new board will consist of the following members:

  • Atul Malik

  • Rekha Murthy

  • Sharad Sharma

  • Nandita Gurjar

  • Sanjay Kumar Khemanic

  • Sadashiv Srinivas Rao

  • T Keshav Kumara

  • Sandeep Tewaric

  • Prashant Kumara

The two additional directors appointed by the Reserve Bank of India – R Gandhi and Ananth Narayan Gopalakrishnan – will remain in office until March 23, 2023 or until further orders, whichever is sooner.

Furthermore, the State Bank of India, the largest shareholder, Prashant Kumar has proposed to continue for three more years as general manager and chief executive officer of the bank, which will be subject to the approval of the deputy board of directors, the RBI and the shareholders.

Chairman Sunil Mehta, Mahesh Krishnamurti and Atul Bheda would not be part of the new board of directors, “after overseeing the bank’s significant turnaround in record time and achieving the primary goal for which they were mandated,” the press release said. .

Shares of Yes Bank gained nearly 3% to Rs 13.46 apiece on the announcement.

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