YES Bank promoters seek board overhaul

​New Delhi: In a clean-up exercise, private sector lender YES Bank is expected to overhaul its board after receiving nod from its promoters, sources said.

Besides, former telecom secretary R Chandrashekar is also likely to resign from the board Monday, they added. “The YES Bank's Nomination & Remuneration Committee is reviewing the performance of the board members,” the sources said. As per the preliminary information available, both the promoter’s groups led by its MD and CEO Rana Kapoor and Madhu Kapur are in favour of a clean-up and overhaul of the Yes Bank board. 

A board meeting was held on November 13 and the latest developments are the result of the same, the sources noted. 

“The new board members will be acceptable to both the promoter’s group. Both promoters are in favour of overhauling the Yes Bank board to weed out under-performing members and address past governance issues,” they said. Earlier last week, former SBI chairman O P Bhatt resigned from the panel set up by the bank to find a successor for Rana Kapoor.