Another Yes Bank director, Mukesh Sabharwal, quits

Mumbai: Yes Bank’s independent director Mukesh Sabharwal is said to have quit the board of directors, making it the second board level exit in as many days leading to uncertainty ahead of its shareholders meet on Wednesday, said two people familiar with the matter.

Sabharwal, a former defence personnel, is supposed to have cited personal reasons for resigning from the board. He has been on the board since since April 2012.

Ajai Kumar, a non-executive director of Yes Bank who served as independent director had resigned from the board due to personal reasons on Monday, the private sector lender said on Monday.


“One reason why one director has quit and other may be is because Rajat Monga group president and Ashish Agarwal, chief risk officer will come on the board, will be non-executive directors,” said a source close to the development.

Yes Bank did not respond to an e-mail seeking comment.

Yes Bank has seen a spate of resignations in the past year amid regulatory glare on its founder Rana Kapoor who was denied another term. R Chandrashekhar, Ashok Chawla were the other board members to have quit.

Ravneet Gill in March took over as the CEO. He has talked about culture change in the bank with being liabilities led than asset led. The Bank is looking to hire to lead the liabilities division as it will be an important area of focus. The bank is moving on the path of having strong regulatory compliance and uncompromising governance standards.

Shares of Yes Bank were up 4.16% at Rs 141.55.