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This article is more than 2 year old.

Rana Kapoor is 'not seeking comeback' on Yes Bank board, backs current leadership

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The statement came after a news report claimed that Mukesh Sabharwal, a board member, resigned from Yes Bank's board after Kapoor demanded a seat on the board.

Rana Kapoor is 'not seeking comeback' on Yes Bank board, backs current leadership
Rana Kapoor, the former chairman of Yes Bank, has said he is not seeking a comeback at the bank and has full confidence in its management and board of directors. "The Yes Bank leadership team, MD and CEO Shri Ravneet Gill and Board of Directors have my fullest support," said Kapoor on his Twitter handle.
The statement came following a news report that a board member Mukesh Sabharwal resigned from Yes Bank's board after Kapoor had demanded a seat on the board. Economic Times reported that Sabharwal, the chairman of the nomination and remuneration committee at Yes Bank, had put in his papers just two days after founder Rana Kapoor demanded a seat on the board and compensation for the payment lost.
In early May, Kapoor had sent two letters seeking re-induction on the board and compensation in crores for lost remuneration, reported ET, citing three people aware of the developments. The demand was found to be unreasonable and had caused a 'bitter battle in the boardroom', the report added.
Sabharwal has mentioned that he wants to devote quality time on his academic pursuits and hence has tendered his resignation. He has confirmed that there is no other material reason other than those provided, the bank further said.
Sabharwal had stepped down on June 11, a day after another board member Ajai Kumar tendered his resignation as non-independent director citing personal reasons.
The bank currently has a total of 11 directors, including chairman Brahm Dutt.
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