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    YES Bank board seeks extension for Rana Kapoor, forms search panel

    Synopsis

    Although Rana has led the Mumbai based lender to rapid growth, RBI has pointed fingers at his leadership.

    Yes-BankAgencies
    After the RBI rejected Rana's request, Madhu Kapur, wife of Yes Bank Cofounder Ashok Kapur, wrote a letter to the board urging them to prevent CEO Rana Kapoor from influencing the board in its search for a new CEO.
    In a bid to find a successor to founder CEO Rana Kapoor, The Yes Bank has formed a five member panel including two members from outside the bank, less than a week after Reserve Bank of India (RBI) cut short his tenure until January 31 2019.

    In a press release sent to the exchanges late on Tuesday evening, Yes Bank said that the “search and selection committee” would comprise of three members of the bank’s nomination and remuneration committee and also two external members, which the bank did not specify.

    However, the board has requested the Reserve Bank of India (RBI) to grant an extension to Kapoor up to September 2019 “for finalisation of audited financial statements for fiscal year ending March 2019 and in order for the statutory AGM process to be completed.”

    The board has also recommended the elevation of senior group presidents Rajat Monga and Pralay Mondal as executive directors “to ensure a long term succession plan within Yes Bank, and given the demonstrated track record of these two senior leaders.” All this will be subject to RBI approval.



    ( Originally published on Sep 25, 2018 )
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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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