Yes Bank board mulls new board formation; to reappoint Prashant Kumar as MD for 3 years

8 Jun 2022 , 03:59 PM

Yes Bank Limited informed that the company’s Board of Directors, appointed as part of bank’s reconstruction scheme, has recommended the formation of a new board to shareholders, in line with the scheme’s directions.

The Board has also recommended the continuance of the bank’s current Chief Prashant Kumar for another 3 years, subject to shareholders’ approval.

Bank’s existing board comprises of four directors, CEO & Managing Director Prashant Kumar, Chairman Sunil Mehta, and Board Members Mahesh Krishnamurti and Atul Bheda. Two RBI appointed Additional Directors, and two SBI nominee directors also hold a chair on Yes Bank’s board.

As per the terms of the reconstruction scheme, Board Members, other than RBI appointed Additional Directors, shall continue in office for one year, or until an alternative Board is formed.

Accordingly, on the recommendation of the bank’s largest shareholder, State Bank of India, the YES Bank Board has initiated the process of appointing a new Board. SBI favours Kumar’s reappointment as the Managing Director and CEO for three years, subject to regulatory and shareholder approval.

The bank has called the meeting for approval on July 15, 2022.

Yes Bank ended at Rs13.18 up by Rs0.1 or 0.76% from its previous closing of Rs13.08 on the BSE.