Yes Bank independent director Agarwal quits
New Delhi, January 10
Bank says no to Braich’s $1.2 bn
Yes Bank on Friday rejected mysterious investor Erwin Singh Braich’s $1.2 billion investment offer but said it will raise Rs10,000 crore by issuing securities
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Yes Bank’s independent director Uttam Prakash Agarwal has resigned citing “serious concerns” on “deteriorating practices” and the state of affairs at the private sector lender.
“I hereby tender my resignation from the office of the Independent Director of Yes Bank as also Chairman of Audit Committee and Member of all other Committees of the Board with immediate effect,” he said in his resignation letter.
There are serious concerns regarding deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the bank are being conducted by CEO and MD Ravneet Gill and others, Agarwal said. — PTI
